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re: Are Coastal states in the Southeast in danger of losing Insurance for Hurricanes???
Posted on 9/30/22 at 8:37 am to DCtiger1
Posted on 9/30/22 at 8:37 am to DCtiger1
quote:
Flood insurance has a premium increase cap annually, so it’s not skyrocketing over a year or two of renewals
I wish homeowners insurance had a cap.
2
Posted on 9/30/22 at 8:40 am to onelochevy
Each state approves the rate changes. Difference is Flood is backed by the federal government and administered by fema. And no matter how much your flood premium is, you’re only getting 250k in coverage.
Posted on 9/30/22 at 8:43 am to onelochevy
quote:
I wish homeowners insurance had a cap.
Even if there was a cap, they could just refuse to renew your policy forcing you into the open market so you'd have to realize that rate increase. Flood insurance cannot do that because you are primarily buying form the same place regardless of which company sells it to you
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