New Increased Flood Insurance Deductible Option
There is a new $10,000 deductible option available for residential properties. For homeowners facing escalating flood insurance rates, these changes to flood insurance deductibles will be an option to help lower premiums. To take advantage of these savings, homeowners must be willing to pay a greater portion in the event of flood losses. Provided your mortgage company will permit the higher deductible, this high deductible option may offer homeowners some relief from escalating flood insurance premiums.
The minimum flood insurance deductibles will remain mostly unchanged and are as follows:
- $1,000 for both building and contents if building coverage is $100,000 or less
- $1,250 for both building and contents if building coverage is $100,000
- $1,000 Deductible for contents-only policies
Will Changes To Flood Insurance Deductibles Help Your Property Value?
The answer to this question will largely depend upon your specific policy and flood risk of your property. Home buyers often consider flood insurance cost as part of their purchasing decision. To receive a detailed assessment on the impact of rising flood insurance rates upon your property value, simply complete the form below or contact us directly at 985.502.9707.
