Henry D Young Inc Insurance Agency Blog
Congress recently passed the Flood Insurance Reform Act of 2012 (Biggert-Waters) and the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) which result in many important changes to the National Flood Insurance Program (NFIP). that will be effective on April 1, 2015 and will affect Flood Insurance premiums.
The NFIP defines special high-risk flood hazard areas as those with at least a 1 percent chance of annual flooding. Under Biggert-Waters, premium rates on many properties in these special flood hazard areas increased. Rates for nearly all buildings located in special flood hazard areas will be revised over time to reflect full flood risks. In addition, recent legislation phases out subsidies for some buildings in high-risk flood areas. As a result, rates for some older buildings will rise until they reach full-risk rates. In addition, all policyholders will be subject to new assessments and surcharges.
To help you navigate the requirements and implementation of the Affordable Care Act, here is some information that you may find useful.
It's always an anxious time when your children are learning to drive. In addition to worrying about their safety, there are financial implications to consider. Anticipating higher insurance rates, many parents look for ways to cut costs when obtaining coverage for their children.
Some people think they may be able to save a few bucks by allotting much lower limits to children driving under the policy. While doing so may lower your premiums, it is a gamble. It's widely known that teens are more at risk for serious accidents than all other drivers in their first few years behind the wheel. Should the unthinkable occur, legal, medical and repair costs could exceed those low limits easily and leave you responsible for covering bills on your own. It's usually best to apply the same limits across the board for all drivers on an auto insurance policy. Extend the same protection to your children that you have for yourself.
The information in this article is meant as a guideline only. There is nothing in this article that alters the coverage or interpretation of any specific policy. Because some statements are generalizations, and because different companies' policies contain slight differences, please refer to your specific policy. Call our office before making any judgements or decisions concerning your particular situation and coverage that may, or may not, apply.