Higher rates for Gulf Shores flood insurance under the National Flood Insurance Program took effect on April 1st. The increase hiked individual policy premiums for homeowners in high-risk areas by as much as 25 percent. The Homeowner Flood Insurance Affordability Act of 2014 carries some premium increases of up to 18 percent for primary homeowners […]
Gulf Shores Real Estate News – September 2013
In this Issue for September 2013: Mortgage Rates Move a Bit Lower Will Flood Insurance Cost You More? Preparing for the Next Big Storm Mortgage Rates Move a Bit Lower Mortgage rates moved a tad-bit lower over the past week or so, basically remaining in a holding pattern. Freddie Mac says the average rate […]
Record Flood Losses – Will They Save or Drown Flood Insurance?
A new report details the cost and extent of one of the worst years for floods in recent history. CoreLogic estimates flood losses in the U.S. this year at approximately $10.67 billion, three times the amount forecast for next year, based on various flooding and storm events recorded in the National Climate Data Center. CoreLogic suggests […]
Insurance Myths That Can Cost You
Homeowner’s insurance can be a bit complicated. One of the best ways to make the most of your homeowners insurance is to have an up-to-date home inventory of your personal possessions. You can also better protect yourself by knowing what’s covered and what’s not. Here are the five most common misconceptions about homeowners insurance: Damaged […]
Flood Insurance Program Renewed, Temporarily
The House of Representatives passed yet another short-term re-authorization of the National Flood Insurance Program. The most recent extension will keep the program going through November 18. This is just the most recent in a series of short-term extensions to the NFIP. Apparently there are legislative efforts to extend the program for the next five […]
Flood Insurance Rates To Increase If Program Is Renewed
The flood damage from Hurricane Irene raises pressure on Congress as it debates how to overhaul the government’s debt-strapped flood-insurance program. Unlike wind damage, flood damage typically isn’t covered under homeowners-insurance policies. Instead, homeowners and businesses buy coverage from the National Flood Insurance Program. The program is treading in dangerous waters as Congress debates on […]
Finding Affordable Homeowner Insurance
Any homeowner buying a home needs to consider a homeowner insurance policy to protect their investment. A policy can protect in cases of fire, flooding, vandalism and even earthquakes. Looking for a good homeowner insurance policy does not need to be complicated. The best place to start is by shopping online. Searching sites will take […]
Flood Insurance Explained
In light of all the unfortunate flooding we’ve all been seeing on the news of late, you may be wondering, “What if this happened to me? How can I protect myself and my family?” According to FloodSmart.gov (the official site of the National Flood Insurance Program), everyone is at risk of flooding. Floods can happen […]
5 Myths About Homeowner’s Insurance
Many homeowners believe their homeowner’s insurance policies will cover them for practically any damage sustained to the house or contents. The reality is that homeowner’s policies contain many exclusions and restrictions on coverage that can leave you with a coverage gap. Here are five common myths about homeowner’s insurance. 1. Loss-of-Use CoverageIf you have damage […]
House Approves Flood Insurance Reform
House Approves Flood Insurance Reform The US House of Representatives have approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program (NFIP) for five years. The provision, which extends the program to Sept. 30, 2015, passed by a wide margin, 329 to 90, with support from both Democrats and Republicans. It […]