More Insurance Info

Thank you to Michael McMahon of the McMahon Agency for meeting with the agents in my office to discuss the changes regarding insurance for seashore real estate.   His agency is based in Ocean City 609-399-0060.

In addition to the information I posted yesterday, Michael shared his expectations:

  • The preliminary (advisory) maps are still under review; likely to be submitted to municipalities for final approval in October (after public meetings, too).  Until that time, the existing zones/elevation requirements are referenced to write flood policies.
  • Flood insurance premiums are going up- on average 10% per year.
  • If you own a home built prior to 1975, it’s worthwhile to obtain an elevation report to determine the structure’s actual rating.  Before the new rules,  older structures benefited from subsidies.  These subsidies will be phased out.
  • For homeowner’s insurance, there are a limited number of companies willing to write policies on the barrier islands.  We are likely to see increases in the wind and/or hurricane deductibles for policies.

FEMA and the insurance industry are still working through the new regulations.  As a real estate agent (and property owner), I know it’s important to remain current regarding the regulations.  I am happy to answer your questions to the best of my ability…or direct you to the proper individual.

ann@anndelaney.com    609-967-7950 office

 

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