There’s a lot of talk going around about the Biggert Waters Act of 2012 which called for major changes in the rate structures of flood insurance. This act went into effect October 1, 2013 and, because we live in a Coastal area that has more “higher risk” zones, many of us may be affected by this act. In an effort to create public awareness and to share solutions I am writing about my friend, Robin Snyder, today. Robin is an account executive with McGinty-Gordon & Associates, a local insurance company that specializes in flood insurance and is the largest in the southeast Georgia area.
Many homeowners are facing significant incremental rate increases of up to 25% per year with National Flood Insurance Program until it reaches the full actuarial premium but, they should be cautioned not to let their policies lapse because they will then be subject to the full rate increase when trying to get reinstated. The new increases and rules have created problems for many homeowners trying to sell their property since, the new owner will lose all government subsidies and will have to pay the full new rated premium.
Robin says there is a solution to this problem that Jeff Atwater, CFO of the State of Florida voiced so much concern about in a recent statement regarding the negative impact this act will have on an already delicate real estate market. McGinty-Gordon has a Private Flood Insurance Program available through Lloyd’s of London. This program has, literally, been able to save thousands of dollars for some homeowners who were affected by the new rate structure. Instead of losing a sale on your property because of the Biggert Waters Act, homeowners can now insure a sale by working with McGinty-Gordon, seeing that their home qualifies for the coverage and moving ahead with the deal.
Yes, we live in an area that can and has, at one time or another, flooded. But you can insure your home and keep your investment safe. McGinty-Gordon has served Coastal Georgia as a private insurance agency since 1948. They are dedicated to protecting their clients and offering them quality policies for home or business. If you want to investigate the Private Flood Insurance Program and insure that you are protected at the best possible rates, contact Robin Snyder at 706-315-5600(cell) or 912-638-8600, extension 142. Visit the McGinty-Gordon website here: www.mgassi.com
One Response
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Melvin Says:
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