To much dismay Congress has yet to vote on amending the Biggert-Waters Flood Act. Currently new home purchases in pre-firm areas are feeling the full premium affect of the act. Premiums that used to be $1200 a year on a $250,000 home are now $3000 plus. Existing homeowners that were getting rate relief are now seeing 25% rate increase that will continue for the next four years. Coastal states are pushing for private flood insurance . While it sounds promising I wouldn't hold my breath. LLoyds of London does offer a private market flood insurance policy. The rates are bit lower than the FEMA rates with comparable coverage. For more information on a private market flood insurance policy visit our website or email us at
matt@lehnandvogt.com
www.lehnandvogt.com
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