We received good news about flood insurance changes from Affiliate Sharon MacEachern at Greylock Insurance. Sharon wrote:
Great news this morning on the flood front! As you may know (or maybe not!)…the private market flood we have been offering through Lloyd’s of London required that the dwelling coverage be written at 100% of the estimated rebuilding cost. While their rates are much lower than National Flood Insurance Program (NFIP), if someone had a large home with a small mortgage, the flood insurance with them was often still cost prohibitive. Lloyd’s just announced that they will now follow the model of NFIP and allow people to insure their homes just to the mortgage balance. This could really impact Berkshire County…where a home with lots of square footage, but selling low and having a mortgage balance much less than rebuilding cost can now buy the lower amount of insurance at the Lloyd’s flood rate!