Elementary Insurance Agency

What is Risk Rating 2.0? Flood Risk Rating 2.0 is a redesigned version of the original rating method for the National Flood Program. This version includes new technologies that rate the risk of flooding more accurately and precisely. This technology bases its ratings on information such as where the building is located relevant to flood zones, replacement costs, prior claims, the building’s number of floors, mitigations, and first floor elevation. There is additional information required, including square footage of the building, if the location has multiple buildings, as well as the insured’s contact information. All of these aspects are taken into consideration by FEMA rating system prior to determining the policy premium. How will this affect my insurance? This will affect any new flood policies that are effective on and after October 1st, 2021 and will also affect policies that have renewal dates of April 1st, 2022 and later. These policies will be required to use the ne...

In order to promote a stress-free hurricane season, we encourage the insured to adjust their insurance renewal date so it is well before Hurricane season.  Hurricane season, in Florida, runs between June and November each year. Therefore, changing the renewal date to earlier in the year, such as January or February, opens opportunities for more carrier quotes. It will also ensure renewals and policies will be active, since some policies take up to 30 days to take effect.  Having renewal dates during hurricane season will be stressful to the insured, since they will renew during a time when insurance companies are trying to reduce risk. During major storms and hurricanes, insurance companies will prohibit binding policies. Therefore, if the insured waits until hurricane season is in full swing to renew their coverage, they will run the risk of not being renewed or covered during that time.  Consider coordinating all other policies so they renew around the same time. This i...

Hurricane season is typically June through November. Hurricanes at a category one or two aren’t severe. But, for hurricanes that reach category four or five, these can be catastrophic and sometimes fatal. If you own property along the eastern seaboard, you know that this can mean potential damage to your home. Now is the time to revisit and familiarize yourself with your current insurance plan and coverage options before extreme weather conditions happen, so you can best protect your home and assets. Before we discuss insurance advice, let us go over some hurricane season tips. Tips For Hurricane Season Before Talk with your family about what to do if a hurricane strikes. Discussing hurricanes ahead of time helps reduce fear, particularly for younger children NOAA Radio Stations are a great way to informed Protect windows with permanent storm shutters or invest in one-half inch marine plywood that is pre-cut to fit your doors and windows.   ...