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Federal Emergency Management Agency

Fix Costly Errors in Flood Insurance Quotes

As with other homeowners facing skyrocketing flood insurance costs, Jane Drake was shocked when the flood insurance premium on her South Carolina beach house climbed from less than $1,300 a year to nearly $20,000.Soon after receiving the "outrageous" quote, she searched for ways to reduce her premium. She learned that her policy (and her new quote) was filled with technical errors. She had the mistakes fixed, her flood insurance premium was reduced drastically and she even got a refund for the years she had been overcharged.Bottom line: VerifyHomeowners shouldn't assume that their flood insurance quotes and policies are accurate, Drake says, based on her experience. And they should seek to reduce their premiums."If something doesn't feel right with your policy, go back and have an expert evaluate the entire process and check your paperwork," she says. "So much of it has to do with how the insurance agent fills out the survey."A huge decrease in coverageThe series of errors that led to ...

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