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You are here: Home / Blog / Changes To Flood Insurance Rates – Will Your Rate Increase?

Changes To Flood Insurance Rates – Will Your Rate Increase?

April 30, 2015 by The Sibley Group

Changes To Flood Insurance RatesMany local homeowners will be seeing changes to flood insurance rates in 2015 and 2016.  The changes became effective on April 1, 2015 and will be applied to the next renewal of your flood insurance policy.

These changes are increasing rates for many homeowners in the area, but don’t be alarmed unnecessarily. We have all the details covered below.  If you have questions about these changes or how these changes will affect the value of your property, contact us at 985.502.9707 or click here to send us a message.

Changes To Flood Insurance Rates Explained

The total increase on your 2015 flood insurance renewal will include a combination of the following Surcharges, Federal Policy Fees, and Premium Increases.  The Surcharges and Federal Policy Fees are a set rate based upon the property type and use.  The Premium Increases will be dependent upon your individual policy.

Policy Surcharges and Federal Policy Fees

The following surcharges will apply to all policies, depending upon the property type and use (i.e., primary residence, rental property, second home).

Single Family Primary Residence (most common)

Nearly all flood insurance policy holders will see these increases reflected on their 2015 flood insurance renewals.  This includes both single family properties and individual condo unit owners with flood insurance coverage.

  • $25 Surcharge
  • $45 Federal Policy Fee

Non-Primary Residences / Multi-Family Dwellings / Non-Residential (less common)

These increases apply to all 1-4 Family Dwellings that are not 100% occupied as the owner’s primary residence. These would include rental properties, second homes, and vacation properties. For multi-family properties (2-4 units), these charges will apply, even if one of the units is the primary residence of the named insured.

  • $250 Surcharge
  • $45 Federal Policy Fee

Premium Increases

In addition to the fees and surcharges identified above, homeowners may also see increases in their individual premiums.  These premium increases are separate and in addition to the surcharges and Federal Policy Fees identified above.  The premium increases are not across the board and will be dependent upon your individual policy.

  • The average premium will increase between 5% – 15%, with 18% being the most any individual premium may increase (with some limited exceptions).
  • Surcharges and Federal Policy Fees are not considered premiums and not subject to the 18% cap.
  • When the Federal Policy Fee and the Homeowners Flood Insurance Affordability Act Surcharge are included, the total amount charged to the policyholder will increase an average of 19.8%.

Will Changes To Flood Insurance Rates Impact Your Property Value?

The answer to this question will largely depend upon your specific policy and flood risk of your property.  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.

Filed Under: Blog, Buyers, Featured Blog Posts, Sellers

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WHAT OTHERS ARE SAYING

John Sibley came highly recommended by a neighbor and he sold our house not only once but twice! A pipe burst upstairs and flooded the house and the first sale was cancelled. We were out of town and John and his staff handled everything from informing us of the problem to working with the adjusters giving them access to the house. When we got back in town just three days later, the damage was already cleaned up and we were ready to begin the repairs!

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We were very happy with the service provided. As first time home buyers, we were initially anxious, however, John and the rest of the group helped us understand the home buying process and what to expect. They made sure we were well prepared by the closing and that our interests were top priority.

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John was great to work with. He provided good sound advice relative to marketing our home. He kept me informed through every step of the process from the initial listing to the closing. It was a great experience and I recommend the Sibley Group to anyone interested in purchasing or selling real estate property.

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Richard, Madisonville, LA
 

John Sibley and Lana Sibley Leonard were very instrumental in marketing my home both personably and professionally. Their drive and incentive made it possible for my home to sell in a quick, timely manner.

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Christina, Slidell, LA
 

Everyone throughout the process was extremely helpful. Dianna spent a lot of time, including late hours helping us find the right house.

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Chris, Slidell, LA
 

John & company were always negotiating on my behalf and won the battle such as letting me have an Estate Sale w/o charging me rent for one week and then the new owner moved in. The Sibley Realty Group was always professional in every way.

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Anonymous, Slidell, LA
 

Sibley's group is the best we've used.

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Cathy & Will, Slidell, LA
 

John and the Sibley Realty Group had a great command of the market prices and an excellent marketing strategy to get new groups of people to look at our property. By using new technology to market to different buyers and target new groups of potential buyers the Sibley Realty Group met our goal of selling within 3 months. The entire office helped make the transition smooth and Lauren is very helpful making sure everyone is on the same page as you go through the closing process. It is good t(...)

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Sibley Group delivered as promised.

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We are extremely grateful to have found Sibley Realty group. Initially I had called other realtors who were not so responsive since we did not live in the area. Jordan contacted me back right away and made us feel at ease with our first home purchase. We lived 7 hours away from where we were buying and Jordan was very accomendating to our schedule of only being able to make it down on the weekends. The whole office are a bunch of true professionals that we owe more gratitiude to then we can(...)

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The Sibley Group has a team of Realtors to meet all of your real estate needs throughout the New Orleans Metropolitan area. We have agents that specialize on the Northshore and Southshore, including New Orleans, Slidell, Metairie, Covington, Mandeville, Pearl River, and Lacombe.


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The Sibley Group
Keller Williams Realty 455-0100

3197 Richland Ave, Metairie, LA 70002

Northshore: 985.326.9755
Southshore: 504.571.9755
Broker: 504.455.0100

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