Lock in a Preferred Risk Policy!

September 2nd, 2014 by admin

Due to FEMA remapping, many homes that are currently in X flood zones are being moved into a flood zones, also known as special hazard. Homes in A zones have a higher chance of flooding and are required to carry flood insurance by their mortgage companies.

Owners of buildings that meet the loss history requirements and were newly mapped into a high-risk flood zone are eligible for a Preferred Risk Policy. The extension allows a home that was formally in an X zone to be insured under a preferred risk policy for a period of 2 years. PRP premiums vary based on coverage levels and deductibles, but if you were to carry the maximum coverage of $250,000 on your building and $100,000 on contents, you could expect to pay about $469.00 per year. This is much less than the A zone rates, which could be as high as $3,800 for the same coverage.

 

LOCK IN LOWER RATES NOW! Property owners should contact our agency to obtain or renew their insurance using this low-cost option or if they are interested in learning more about insuring your home against flood damage.

Jennifer Manthey
at (201) 525-1100 (x20)
or jmanthey@icnj.com  for a quote