Changes to Flood Insurance Rates

[NCAgent]

So I spoke with my flood rep the other day and flood rates are going up.

Among other changes, here is what is happening:

1) Primary, private residences are going up ~13%.

2) Secondary and non-private residences are losing their government subsidies, meaning a 20-25% increase every year for 4 years. Yummy!

This is happening with NB and renewals. Combine this with 15-19% commissions and I'm probably going to start hitting more flood since the rates are all going to be going up, most people are required to have it, and they can't find lower rates anywhere else unless they go outside NFIP products.

Check out the new law that is coming into force. Really interesting stuff.

 

[Guest]

did you think rates wouldnt go up with the storms and storm history over the last few years?

 

[NCAgent]

did you think rates wouldnt go up with the storms and storm history over the last few years?

I didn't say anything like that. I was just waiting and here it came, with concrete numbers and everything. Sometimes agents aren't as good as predicting the future as you are RBA

I think that NFIP was trying to move away from being a social insurance, and I was hoping they would be. We already have enough of that, we can't have the P&C side of it become social insurance as well.

 

[Guest]

I didn't say anything like that. I was just waiting and here it came, with concrete numbers and everything. Sometimes agents aren't as good as predicting the future as you are RBA

I think that NFIP was trying to move away from being a social insurance, and I was hoping they would be. We already have enough of that, we can't have the P&C side of it become social insurance as well.

Doesnt take a friggin rocket scientist to realize that with BILLIONS in claims, that rates wont go up!