FEMA has finalized new detailed, digital Flood Insurance Rate Maps (FIRM’s) which determine residential flood zones and ultimately dictate the areas where mortgage lenders require flood insurance coverage. This pending change is expected to affect over 60,000 residents in the Tampa Bay area and letters are currently being sent out by local government agencies to notify residents of the anticipated changes.
If you live in a Flood Zone, chances are your flood insurance premium has been steadily increasing. Stop Overpaying! We have several mortgage approved flood insurance companies that are offering flood insurance to residents in Florida at a reduced rate.
Ballooning flood insurance premiums have caught many coastal homeowners off-guard as the cost of their escrowed mortgage payments are steadily increasing. Fortunately for Florida residents, there are now several alternatives.
Insurance companies are getting very creative in providing Flood Insurance options. Initially offered through FEMA and WYO (Write-Your-Own) Carriers, the Flood Insurance marketplace has exploded and is littered with private market carriers offering everything from consumer facing web-based quoting portals to Flood Insurance endorsements added directly to Homeowner’s Insurance Policies. Stay up to date with the options available to you.