There’s no joking around when it comes to paying more for your flood insurance. We get that. So let’s talk about what these changes mean for you and how even with the increase, you can still get away with some savings.


Here are 3 key things you need know about the April 1st changes:

  1. Insureds will see an increase in fees. You’ve heard that a few times over the past couple weeks. But did you know there is a way you can save $$ on your residential surcharge fees? See below.

  1. Duplicate policies are being tracked by FEMA’s database. You may receive a notification if you have more than one policy using the same address such as a detached garage or shed. If your duplicate policy is a detached garage, we may be able to help you save $$ here as well. Keep reading.
  1. The Preferred Risk Policy (PRP) extension is being phased out. If your home experienced a map change from 10/1/08 to 3/31/15, you have until 4/1/16 to place coverage on the newly mapped policy form for optional rating. Talk to your Bankers insurance agent for more information on how to save.

Okay, now you have a general idea of why you will see an increase but let’s talk about how to save you money and counter the rising rates.


How can I save money on my surcharge fees?

You can save money on your surcharge fees by proving your insured structure is your primary residency. A sample letter will be sent out to policyholders that may have qualifying occupancies.


How can I save money on my detached garage?

Many policyholders have their detached garage on a separate policy. Because this is considered a nonresidential policy, you can be subject to an additional $250 surcharge. The good news is, you have the option to use 10% of your primary residential coverage towards a detached garage, potentially removing the need to have an additional policy and $250 non-residential surcharge.


Still confused about the rate changes and how to save? It’s okay. It’s our job to understand for you. Find a Bankers agent in your area and let them do the dirty work to make sure you’re seeing all the savings you deserve.


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