Private Flood Insurance
I’ve had a long experience with FEMA work so keep informed from them on what is going on. However, I don’t know much about the private companies now providing insurance. I have a client who said he needed an elevation certificate, go to his house to do the work, and was told I only needed to certify the main floor (the house has flooded 5 times since he built it). I told him an elevation certificate covers more information than that so he called his agent after telling me he had a private policy.
He called me yesterday and said his agent informed him FEMA will be doing away with elevation certificates as of October, FEMA will be creating a “new” way of determining how to rate structures, and nobody will be able to get flood insurance through FEMA until they decide how to do the new rating.
I think the agent was blowing smoke. However, having not worked with private flood insurance carriers, I wonder if the PRIVATE insurance companies are restructuring how they rate structures. Any information or thoughts about this?
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