The National Flood Insurance Program (NFIP) is in the process of implementing Congressionally- mandated reforms required by the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA).
Changes taking place in April include:
We want to let you know of these upcoming changes as they will increase the premium of your flood insurance policy at your next policy renewal after April 1, 2015.
All Condominium flood policies (RCBAP) will see a minimum increase of $300, with larger increases depending upon the number of units in an insured building.
For condominiums insured under the Residential Condominium Building Association Policy (RCBAP), the new Federal Policy Fee per policy is:
In addition to the new fee schedule, annual rate changes will also apply. Buildings built prior to 1975 that are still getting subsidized rates will see the largest rate adjustments.
If you have any questions on this or any insurance matter, please contact us at 609-399-0655.
Flood coverage limits for a standard flood policy are:
|Coverage Type||Coverage Limit|
|One to four-family structure||$250,000|
|One to four-family home contents||$100,000|
|Other residential structures||$250,000|
|Other residential contents||$100,000|
If a flood damages your property, you may be required by law to bring your home up to community and/or state floodplain management standards. If you have NFIP (National Flood Insurance Program) insurance, and your home has been declared substantially damaged by your community, ICC coverage is provided to cover up to $30,000 of the cost to elevate, flood proof, demolish, or relocate your property. ICC coverage is in addition to the coverage you receive to repair flood damages; however, the total payout on a policy may not exceed $250,000 for residential buildings and $500,000 for non-residential buildings.
Yes, providing that, if confined to your property, the flood water covers at least two acres. A general condition of flood also exists if two properties are affected, one of which is yours.
No. When rain enters through a wind-damaged window or door, or comes through a hole in a wall or roof, the NFIP considers the resulting puddles and damage to be windstorm-related, not flood-related.
Flood insurance covers overflow of inland or tidal waters and unusual and rapid accumulation or runoff of surface waters from any source. However, the flood must be a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is yours). Although flood insurance specifically excludes wind and hail damage, the good news is that most homeowners insurance provides such coverage.
The Preferred Risk Policy offers multiple coverage combinations for both buildings and contents (or contents-only, for renters) that are located in moderate-to-low risk areas (B, C, and X Zones). Preferred Risk Policies are available for residential or non-residential buildings also located in these zones, and that meet eligibility requirements based on the building’s entire flood loss history.
Flood insurance covers your home’s foundation elements and equipment that’s necessary to support the structure (for example: furnace, water heaters, circuit breakers, etc.).
It’s important to note that some items in your basement are covered under building coverage (like a furnace, hot water heater and circuit breaker) and others are covered under contents coverage that must be purchased in addition to building coverage (for example, your washer and dryer, or your freezer and the food in it).
The NFIP encourages people to purchase both building and contents coverage. Flood insurance does not cover basement improvements, such as finished walls, floors, ceilings or personal belongings that may be kept in a basement. For a complete list of what’s covered, view the Standard Flood Insurance Policy (SFIP) Forms.
FEMA Bulletins link for the latest information from the Federal Emergency Management Agency
Put your address into this interactive map and find our your ABFE.
New Jersey’s Emergency Flood Elevation Rule as of 2/12/2013 answers questions such as…
Read about the Biggert-Waters Act (Flood Insurance Reform Act of 2012) at fema.gov. The Act calls on the Federal Emergency Management Agency (FEMA), and other agencies, to make a number of changes to the way the National Flood Insurance Program (NFIP) is run. Some of these changes already have occurred, and others will be implemented in the coming months. Key provisions of the legislation will require the NFIP to raise rates to reflect true flood risk, make the program more financially stable, and change how Flood Insurance Rate Map (FIRM) updates impact policyholders. The changes will mean premium rate increases for some—but not all—policyholders over time. Homeowners and business owners are encouraged to learn their flood risk and talk to their insurance agent to determine if their policy will be affected by BW-12.