The New Flood Insurance Bill – How Will It Benefit You?
The new Flood Insurance Bill is full of benefits for homeowners seeking personal home coverage. This is obviously the most beneficial to those who own homes in places with high risk of flooding. People who plan on moving to new homes can also take advantage of the provisions of the new bill. The new bill will provide advantages to both homeowners and the real estate market.
The reasons for these benefits are the following:
- People who sell their homes can pass the lower flood insurance premiums onto the next homeowner.
- Personal home coverage would be cheaper and the delays in the increase of premiums will help people save money.
- Refunds will be given to new homeowners who paid the higher premiums.
Lower premiums passed to the next homeowner
Work reassignment or retirement might be the reasons people move to other homes. People in these situations will not find it easy to sell their homes or find new ones. High insurance premiums can prevent people from selling or buying homes. With a lower personal home coverage premium, people can achieve better terms and pricing options.
Delay in the increase of premiums
New homeowners will have more time to pay their premiums at a lower rate which creates more flexibility. This delay in the premium increase would create an instant savings for policyholders. Furthermore, the savings this year could be used to pay the premiums next year. Time is a huge factor as earnings do not increase as fast as the cost of living. With the delay in the rise of premiums, homeowners can adjust properly and plan accordingly.
Refunds for the new homeowners
Premiums are largely subsidized by the government. The government is spending more to rebuild and rehabilitate the flood-stricken areas. The solution is to increase the premiums and the next homeowners are likely to take the burden. With the provisions of the bill, things are different.
The new flood insurance bill will absorb some of the financial burden. If you paid the high premiums because you recently moved to a new home, there is good news: the refunds can help you so you can set aside that amount for future payments. You can also use that for your immediate expenses. Personal home coverage refunds will truly help in savings and planning for your expenses. Whether you are buying flood insurance or personal home coverage, you will save way more money with this new bill in place. If you require more information about this new bill, call Blue Sky Coverage, we can assist you in getting a quick quote.