This speedy claims process and the extension to file proof of loss up to one year applies only to claims and states affected by Sandy which include FL, GA, SC, NC, VA, DC, MD, DE, WV, PA, NJ, NY, CT, RI, MA, NH, VT, ME. In order to allow claimants ample time to evaluate their losses the deadline for filing a proof of loss to the insured has been extended by the NFIP for Sandy claims only to one year from the date of loss. The speedy claims process provides a method for claimants to dispute the amount of the claims payment by sending a sworn proof of loss before the one year anniversary of the date of loss. Receiving this payment based upon the adjuster's report will not prohibit an insured from seeking additional payment under his or her policy where coverage limits have not been exhausted. As part of this rapid claims process and under this waiver, the insurer will send the insured the payment for the covered loss, a copy of the adjuster's report, and a letter explaining this rapid claims procedure.
The NFIP issued Bulletin W-12092 today that documents a revised claims process allowing the covered flood policy loss to be paid by the insurer as soon as practicable after the insurer receives and reviews the adjusters report. “The revised NFIP process helps us get Fidelity/Wright flood policyholders their claims checks faster but also includes a method for the claimant to provide information to us if they feel there is need for further review of their claim.” We are fully embracing the new speedier process to get claims checks to our policyholders as outlined by the NFIP today,” noted Jeff Moore, VP of Claims at Wright Flood. “At Wright Flood we deliver benefits from the NFIP flood policy to our policyholders as fast as possible following the guidelines of the NFIP.
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ZIP codes can be downloaded here.New speedy claims processes, newly approved by the NFIP to expedite claims payments to Sandy flood claimants, are underway at Fidelity/Wright Flood and will get checks into policyholders’ hands without delay. The Florida Legislature late last year required that all Citizens policyholders to buy flood insurance, regardless of the property’s locale. also will see significantly higher premiums this year. If the seller doesn’t explain about the new rating system, which grandfathers in existing owners, buyers could easily assume that their rates will remain the same.įlorida homeowners with Citizens Property Insurance Corp. He also noted that some prospective home buyers may not be aware of the soaring premiums. “I have found private carriers to be not only competitive but, in some cases, more competitively priced than the NFIP RR2.0 policies,” Fischer said. For one policyholder in a flood zone in Palmetto Bay, Florida, his annual premium will eventually climb from just over $1,000 to almost $5,000, said Clayton Fischer, an agent with Blue Marlin Insurance in Coral Gables.įor a modest slab home in Homestead, Florida, with 1,700 square feet and a replacement value of $271,207, a policy through Wright Flood Insurance will come to about $2,300. For the past year, FEMA has required new policies to be rated under RR 2.0.Įven before the FEMA data was broken down by ZIP code, some insurance agents have had a pretty good idea of the magnitude of the changes.
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For people buying new policies, though, the full impact will be painfully obvious.
Federal law limits the rate increases to no more than 18% annually on renewals. Petersburg ZIP code, for example, more than 80% of policies will see a decrease in premiums, the data show.Įxisting property owners won’t feel the pain all at once.
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Albany, Kentucky, ZIP code 42602, which has seen historic flooding in recent years, will see prices soar - from $741 to $4,597, on average, the FEMA data show.īut some spots will see decreases under RR 2.0, which is based less on FEMA’s much-criticized flood maps and more on a multitude of factors, including rainfall levels, elevation, a home’s distance from water, and rebuilding costs. In Houma, Louisiana, southwest of New Orleans, the average premium will jump from $982 per year to $3,511.Īnd it’s not just coastal areas. In parts of Pensacola, in the northwestern part of Florida, the average flood premium will double, from $639 annually to $1,293. Most ZIP codes across the Southeastern U.S. The most expensive ZIP codes in Florida include the Miami area’s Key Biscayne, which will eventually see flood rates as high as $7,000 annually, on average, the Herald reported.
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