As required by HFIAA, the maximum deductible for a flood insurance policy will increase to $10,000 for single-family and two- to four-family dwellings.
If used, the deductible must apply to both building and contents. For single-family homes, choosing the maximum deductible will result in up to a 40 percent discount from the base premium. It is important to remember that using the maximum deductible may not be appropriate in every financial circumstance and may not be allowed by lenders to meet mandatory purchase requirements. Choosing a higher deductible also means the policyholder is responsible for more out-of-pocket expenses if a flood insurance claim is filed.
This will give relief to some but not others. Should you have any questions regarding this or the other changes that will go into effect starting 4-1-15, we are here to answer them for you.
Have a wonderful week!!!!
