Considering homeowners insurance in flood-prone area
October 6, 2010 - With the recent flooding that occurred in Georgia, some residents may be considering supplementing their homeowners insurance with flood insurance, especially if they are moving to an area known for the natural disaster.
However, with recent changes introduced by the National Flood Insurance Program, those homeowners may find higher deductibles and increased coverage limits if they plan add the extra insurance to their homeowners policy.
The NFIP announced the policy changes last week and said that it would result in an average premium increase of 8 percent, the Lafayette Daily Advertiser reports.
According to the news provider, the NFIP has been in debt since hurricanes Katrina and Rita, which caused claims to sour and totaled $13.6 billion.
Yet, despite the policy changes, FEMA spokesman Andrew Thomas told the Advertiser that NFIP was still a good deal for homeowners interested in protecting their home from flood damage.
"When you start looking at insurance premiums, NFIP is still the best value for the dollar that can be purchased," Thomas said.
However, with a higher deductible, homeowners should be aware that it means the insurance company won't be covering as much as it used to. Under the new changes, homeowners with $500 and $1,000 deductibles will see these amounts double.
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