This FEMA Change Could Impact Your Premiums

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This FEMA Change Could Impact Your Premiums

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FEMA’s approach to flood insurance pricing is changing, and it could mean significant premium differences for homeowners.Lisa Sharrard explains FEMA’s shift from “FEMA Determined” to “FEMA Assumed” first-floor heights and what it could mean for new flood insurance quotes. In this episode, Lisa covers:

Why FEMA stopped using a third-party vendor to determine first-floor height
What FEMA Assumed foundation heights mean
How the change may affect flood insurance premiums
Why elevation certificates may become more important
What homeowners need to know about Sections A, B, C and H
How an elevation certificate could potentially help lower premiums
What to check on your current flood insurance quote
What to consider before making changes to an application

Lisa also discusses potential premium differences ranging from hundreds to several thousand dollars, depending on the property, and why clear communication from FEMA is needed as the industry works to understand the change.

Have questions about your flood insurance quote? Talk with your insurance professional and check whether your first-floor height is listed as FEMA Assumed or FEMA Determined.

Subscribe to Simply Flood for practical information about flood insurance, flood risk, mitigation and protecting your home.#FloodInsurance #FEMA #NFIP #FloodInsurancePricing #FloodRisk #ElevationCertificate #SimplyFlood

Connect with Lisa on LinkedIn 👉 https://www.linkedin.com/in/floodadvocate/

This podcast is for informational purposes only and does not constitute medical, legal, or financial advice. Please consult with a professional for specific advice tailored to your situation. Information on the topics discussed that are subject to change due to ongoing research and new discoveries, programmatic, regulatory and/or congressional change. Always consult current sources. The views expressed in this podcast are solely those of the host/guests and do not necessarily reflect the oﬃcial policy or position of any agency or company or our sponsors.

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