Some major news is developing in the insurance industry regarding flood insurance.
The National Flood Insurance Program (NFIP) is implementing a program called RiskRating 2.0 that goes into effect October 1st. NFIP estimates 77% of their policyholders will see a premium increase when Risk Rating 2.0 goes into effect. The average increase is nearly $100 per year, with many increases, especially in coastal areas, increasing over $1,000! It is estimated that 85% of Texas will see an increase in their flood premiums.
As these changes go into effect it is important that you know your options for flood insurance. Although NFIP is the best-known flood insurance option, it is not the only one. Flood insurance is also offered privately, and many Texans find that the coverage is superior. Here at Texas Savings Insurance Agency we shop multiple carriers and NFIP to provide you with all options and information to make the best choice for your family. Call us at 512-759-0558 if you have any questions or would like to know more.