Major Flood Premium Changes for Arizona

Hello, Chris Greene here over at the Flood Insurance Guru. Today, we're talking about the changes that are taking place in Arizona, particularly after Hurricane Rosa ... before hurricane Rosa this week, really a lot in the Phoenix area. As you know, a lot of flooding occurred this week from Hurricane Rosa. And a lot of people like are like "Flooding in Arizona?" Well, if you live in Arizona, you know this happens a lot. Generally, about 40 to 100 floods occur every year in Arizona. Well, the city of Phoenix made some major changes this week and the National Flood Insurance Program made some major changes as well. Well, it's kind of going to be a win-win situation for everyone.
If you live in the Phoenix area, generally you can get a 20% discount on your flood policy through the National Flood Insurance Program, or FEMA. Well, on Wednesday, the city of Phoenix announced an additional 5% in certain areas. So now if you're in a high risk flood zone, you may be able to get a 25% discount compared to the 20% discount. Well, the National Flood Insurance Program also made a major change on Monday which allows you to go to the private market if you want and get a better policy, a better option and cancel your National Flood Insurance Program. It just depends if you qualify. Now, you might ask how do I qualify for something like that? Well, if you have a conventional loan, if you have a smaller in-house credit union loan or a bank loan that's non government backed, then you might have the option of going to the private market.
Just this week, we had someone in the Phoenix area who was buying an $800,000 home. Unfortunately, the National Flood Insurance Program could only assure him for the 250,000 and they really wanted that extra coverage. Well, instead of paying the $2,300 a year with the National Flood Insurance Program, we were able to find them an option at $550 a year for the $800,000 in coverage on the home, $200,000 and contents in your loss of use in case the house does flood where they can put them up lower deductible. So, these are some great options you really need to take a look at. Even if you don't qualify for private though, you may qualify for this new discount. So, reach out to us at www.floodInsuranceGuru.com, give us a call, 205-451-4294, or even visit our Facebook page or YouTube channel The FloodInsuranceGuru.com.