Are you aware that the NFIP made recent changes to its flood insurance policies and that you may be eligible for a refund? These changes took effect on October 1st and here’s what you need to know:

1. Most rates are capped at no more than 18% per year, resulting in more gradual annual increases.

2. Many Pre-FIRM policies that were new after 10/1/13, or policies purchased after 7/6/12, will receive refunds in the term that renewed after 10/1/13.

3. Refunds will be processed between 10/1/14 and 12/31/14.

4. Insureds who receive refunds will receive a letter explaining the new law with their amended declarations page.

Click to download FEMA’s Refund Fact Sheet for more details.

Don’t have flood insurance? Find a Bankers agent in your area and get insured before its too late.

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