Important Changes to our Water Protection Pricing
As you know, flood coverage is fairly new to the industry in general, and companies have been, and still are, in the process of determining their flood coverage and pricing.
What are we currently doing?
We are charging $100 for Water Protection coverage on new business since July 1st, 2016. This was based on postal code, and as most of you know, it was not accurate enough. We have also been reading in coverage for existing policyholders who pay $40 for the current sewer backup coverage.
What is changing?
– We have done a lot of work with statistical flood modelling, and now have three zones for flood based on geocode (latitude and longitude). The three zones are low, medium, and high.
– For new business policies effective April 15, 2018, we will be charging $150 for homeowner policies, and $75 for tenants. Coverage and limits are different for each zone – scroll down to see our charts on coverages for each zone.
Who is getting charged for what?
Read below for a complete breakdown of pricing and limits.