Flood Insurance Market Changes!!! Post 1 of 3: For the HOME BUYER!

Flood insurance, home insurance, car insurance. What is the market doing and how will it affect you?

Today we are going to talk about the flood insurance market- the Biggett Water reform act of 2012.

Its been the talk of the town these days- considering the current market- that is expected. The flood insurance program has been going through a lot of changes and if you want to know how it will affect you, then keep reading.

Are you in the market for purchasing a home? About to call around to get quotes on home insurance and flood insurance? Well, there are a few pointers you should know…
Specifically for Lee County, Cape Coral, Fort Myers, North Fort Myers, Pine Island, Matlacha, Fort Myers Beach, some areas of Estero and Bonita Springs, Sanibel, and Gateway: any home built on or before 1984 will need an elevation certificate in order to get an accurate flood quote. The Biggett Waters act of 2012 mandates that homes must be rated using "true pricing." This means you will be charges according to the actual elevation of your home and the government is no longer subsidizing (paying part of) your flood insurance rate. You will be charged the full price for your homes elevation compared to the elevation for your area. So if your home is 2 feet below elevation, you might run into a problem!

How do you find out what elevation your home is? Some homes have elevation certificates on file with the county. You can check your local county website to see and then call Avalon Insurance Group at 239-275-3888 for a quote. Other people will have to get an elevation certificate, if one is not already available, and then call us for a free flood quote. We can let you know how much the price will be and answer any additional questions you may have.

If you are in areas such as Collier County, Naples, Marco Island, Charlotte County, Port Charlotte, Punta Gorda, North Port, Englewood, or anywhere in Florida, there are certain homes that will need elevation certificates too. In order to find out if your home needs an elevation certificate to quote the flood insurance, you would have to know if it is pre-firm construction. "Pre-firm" means that your home was built before the most recent building codes were enforced in order to build up to code for flood insurance in your neighborhood.
Give us a call today at Avalon Insurance Group, Inc. for a free quote on flood, home, boat, auto, condo, motorcycle, general liability, commercial auto, renters, contents, and mobile home insurance.

Ps- just a few tips to look out for when purchasing a home:

1) Newer construction is usually less expensive because, the newer the construction the more recent building code they had to follow and the more likely they are to be built up to code for the current flood zone in your area.

2) Ask around, do research before buying an elevation certificate. Call us at 239-275-3888 and we will help assist you in locating one for your prospective home off of county records (if one is available). Ask the current owner if they have one and check with your realtor.

3) Not all homes are in high risk flood zones, if you are in flood zone "X" you will not even need an elevation certificate in order to purchase flood insurance. Give us a call for a free zone determination and we will let you know.

4) Homes that have a higher elevation are going to be less to insure.

5)Do not give up! You will find your home and it will all fall into place! Our friendly staff here at Avalon Insurance Group, Inc. is here to assist you at all times. We are just a call away (239)275-3888 or visit our website at:

www.avalon-insurance.com

Sincerely,
The Avalon Family

"From our family to yours- servicing all of your insurance needs for generations to come!"

Avalon is a proud family owned and operated company with over 50 years of combined experience in the insurance field. We are here to serve YOU!


*For a more in depth explanation of the upcoming flood changes please visit the following link for a short video (credit of Wright National Flood!) :

http://www.youtube.com/watch?v=ues7KtJi0RE