|Commercial Property Flood Policy Changes|
Commercial Property Flood Policies Ready For Big Changes
FEMA recently announced regulatory changes set to impact non-residential building policyholders starting with 11/1/2015 renewals.
• All non-residential policy holders will now be required to verify the use of each building, distinguishing it from a residential property
• Policies that are identified as business-use properties will realize a rate increase at the renewal term
• Those insureds that fail to respond to the identification request will default to business occupancy and will be charged a higher premium
• The change comes as a result of the Biggert-Waters Act of 2012
(BW-12) and the lnsurance Affordability Act-2014 (HFIAA) aimed to place the national flood insurance program on firmer financial ground
We will keep you updated and will provide more information regarding the changes as they become available.
Please contact your Arthur Hall Insurance Advisor with any concerns or questions.