CT Flood Season: Insurance Increase Potential?

CT Flood Season Insurance Increase PotentialThe wreckage caused by Superstorms Sandy and Irene over the last few years has raised concern amongst Connecticut homeowners and insurance carriers alike. Real estate industry and disaster administrators say that for those who reside in flood zones, insurance coverage could surge if they are a part of a government-back program. In order to protect your largest investment, especially during storm season, a Connecticut Flood Insurance program is paramount.

The damage caused by the recent storms has changed the structure of flood insurance throughout danger-prone zones. New Haven Middlesex Association of Realtors president Michael Barbaro stated “Prior to Irene and Sandy, Connecticut was profitable for the National Flood Insurance Program.” As the coverage payouts were immense during these storms, insurance companies are rethinking their approach.

According to Emergency Management, to some extent, the rule changes and rate increases enacted since then are an attempt to recover from these losses. Therefore, for those business and home owners who live in flood-prone regions, insurance carriers have been forced to increase their payments about 25 percent annually.

However, this increase is ironic as the NFIP was created in the late 1960s in order to make homeowners and flood insurance reasonable for buyers. The constant flooding along the Mississippi River had made it nearly impossible to obtain coverage during that time.

Although this potential increase in premiums reflects the insurance company’s obligation to repair enormous damages in flood zone homes, it is not a guaranteed hike in price. At Byrnes Agency, we will work with you to personally assess your risk exposures and provide you with the most competitive price. We understand the importance of protecting your hard earned assets and family, which is representative of our 80+ years in business. To learn more about our offerings, contact our specialists today at one of our three locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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