Homeowners Express Their Thoughts on Home Insurance Rates Hike

With the National Flood Insurance premiums planned for increase this 2013 and 2014, many homeowners residing in the Jackson County were given ideas to prepare for what’s about to happen. While many were happy with the news, many others, more importantly, were disheartened upon hearing about the premium rate increase.

County officials organized a meeting which was attended by at least seventy people living in St. Andrews, Pinehurst, Ocean Beach Estates, and Gulf Park Estates – all of which are exclusive subdivisions. The main objective of the meeting was to give an update about the 2012 reformed act.

With details on this new act are looking grim, many residents with homes located several feet below average elevation of flood maps are facing increases of more than 10 times than what they’re currently paying. Additionally, they’re asked to show officials their elevation certificate that’s done and checked by a reliable surveyor.

Another thing noted by planning officials was looking into the possibility of home qualifying for Preferred Risk Policy options. If this is the case, delay in premium increases is given to them.

More information on this matter can be found here.

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