Flood insurance isn't a rip-off, I want to bring to everyone's attention that you may be overpaying for your Flood Insurance.
****Double check your flood insurance policies.
I checked my Girlfriends Flood Policy and she and her husband have been paying $675.00 a year per property. This is more than double than they should have been paying for the past 4 years!
If a person has a single story, no basement home, no previous loss, and do not live in Flood Zone, they qualify for Flood prefered rates! The max any flood Ins. residential policy offers is 250,000 building and 100,000 contents with a 500.00 dollar deductible.
($500,000 flood insurance is offered for business customers only, check the FEMA site for all rates)
The preferred rate on a $250,000 building and $100,000 contents policy is $317.00 and down from there.
My friends have been paying $2,025.00 per year on 3 properties when they should have been paying $951.00 a year. This is a huge savings and can really make a difference on whether a household can get insurance they otherwise couldn't afford. Flood insurance covers mud slides, sudden dispersement of water and other flood occurance's and definitions you can find from your State Flood Insurance program.
Everyone, this is a nationwide program. For more information on how to qualify for preferred rates, go to www.floodSmart.gov. The program started May, 2004
Over a period of four years, the overcharge for my friends added up to $8,100. If the agent had rated the property correctly, it would have run my friends $3,804. This would have been a savings of $3,723.00 !!!
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