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October 2009 Flood Insurance Program Changes Changes to the NFIP Flood Insurance Rate Manual take effect twice a year, in May and October. This fall, the October 2009 manual revisions include changes to Standard Flood Insurance Policy rates and deductibles, which may impact you. It's important for you to understand the changes so you can make informed decisions concerning your flood insurance protection. The items below reflect a few highlights. Click here for the full Flood Insurance Rate Manual that provides details for ALL of the October changes. Rate and Premium Changes Changes to standard flood insurance policy rates may result in premium increases for some, on policies written or renewed on or after October 1, 2009. On average, premiums will be increasing 8 percent; however, individual rate changes may vary - and some policyholders may see their premiums decrease. Preferred Risk Policy premiums are not changing. It's important to understand that rate increases take effect regularly to ensure premiums stay aligned with NFIP costs. Premiums are also dependent upon a variety of factors such as the amount of coverage and deductible factors, among others. Another factor driving increases are changes to the basic coverage limits for both residential and non-residential properties. Standard policy basic insurance limits are increasing for all categories of building and contents coverage as follows:
Deductible Changes In addition to rate and basic coverage changes, all policyholders, including those with a Preferred Risk Policy, will see increases to their standard deductible. The NFIP is discontinuing the $500 deductible for all properties. New deductible levels are listed below:
Owners of pre-FIRM properties can pay a surcharge and buy back the $1000 deductible, so this may be an option for you when your policy comes up for renewal. It's important to be aware of these changes geing made the The NFIP now so you're not caught unaware in the event you need to file a claim. Remember that while your deductibles have increased, it's still just a fraction of the cost of the average flood insurance claim. Just a few inches of water can cause tens of thousand dollars in damages. Application Changes
Other Insurance Program Changes
Important DFIRM Change to Note: Paper FIRM to Digital FIRM (DFIRM) Transition
Click here for the new Flood Insurance Rate Manual that reflects these changes as well as additional information from the NFIP. Please email us at ais@aolohainsurance.com with any questions. |
| Portions courtesy of and © Insurance Information Institute (www.iii.org) | Copyright © 2001-2009 Aloha Insurance Services, Inc. Kailua Kona, HI All rights reserved. |
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In Kona... 75-5931 Walua Road Kailua Kona, HI 96740 Phone: 808-334-0044 Fax: 808-334-0115 Toll Free: 800-483-0333 |
In Honolulu... 1701 Ala Wai Blvd Suite A Honolulu, HI 96815 Phone: 808-941-3331, Fax: 808-941-3337 |
In Lahaina... PO Box 10433 Lahaina, HI 96761 Phone: 808-283-4845, Fax: 808-334-0115 |
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