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Important Changes to Flood Insurance

FEMA has restructured how it calculates flood risk for the first time in 50 years, and there are big implications for current flood insurance premiums. 

Here are some quick facts to know now:

• Nearly 90% of flood insurance policies in Texas will see premiums increase

• The new rating system takes the costs of rebuilding a home into account for premiums, meaning owners of low-value homes will pay less, while owners of high-value homes will pay more

• Revised calculations went into effect with new policies October 1st

• Renewal rates will not be affected for existing policies until April 2022 (TIP: you can choose to renew early if your premium is going down) 

• Annual premium increases are capped at 18% per year

• Most policies will see premiums increase by less than $120 a year while others will increase by more than $240 a year

• Some policies may take five years to reach the premiums calculated by the new risk rating due to the 18% annual cap

• If you have a FEMA flood plan that is increasing dramatically, consider getting private flood insurance

If you have any questions about how the new flood risk calculations will affect your premium, reach out to your flood insurance carrier or contact us to get connected with some of the best private + FEMA flood insurance providers in the industry to see how we can get you the best possible rates. 

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All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Compass is a licensed real estate broker. Equal Housing Opportunity.

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