Homeowners who suffered damage or lost property after the storms this past
season face major decisions that will affect their insurance premiums and
other costs. Some homeowners still are considering whether they should repair,
rebuild or relocate all together. If this is the case for you, we encourage you
to consider these suggestions by the National Flood Insurance Program:
• The risk you faced in the last storm might not be the same risk you face
today or in the future.
• By rebuilding higher, you can reduce, or perhaps even avoid, future
flood loss and reduce future financial impact.
• The financial consequences of not having flood insurance coverage
could be devastating if another flood occurs.
Raising your home can reduce your risk and your premiums.
A primary way to reduce or avoid future flood losses is to raise your building above the
Base Flood Elevation. Doing so could reduce your flood insurance premium
by 85percent or more (and save thousands of dollars over the life of your
home or business). According to Federal Emergency Management Agency,
Under the Flood Insurance Reform Act of 2012, you could save more than
$90,000over 10 years if you build 3 feet above Base Flood Elevation*
Rise above the water
What ever you decide to do, make sure you consult our agency and local
government officials first. Flood zones and FEMA building requirements
have changed. If you rebuild to pre-flood conditions, your flood insurance
premium could increase dramatically. Changes to the NFIP and local
ordinances can have huge impact on your wallet. If you are renovating, make sure you
call us to discuss these issues::
• how elevating your home or business can help reduce your rates;
• future premium increases for all homes and businesses;
• options for insuring your building and its contents;
• changes in rates for secondary homes; and
• other circumstances that could increase your rates.
And don’t forget these building considerations:
• meeting building code requirements and current best practices;
• revised Flood Insurance Rate Maps and advisory flood risk products;
• hazard mitigation grant programs; and
• other grant programs and loans to help rebuild or acquire your home
The Russell Agency, located in Southport, serves the communities of Fairfield, Westport and all of Connecticut. Please call us for your insurance needs.