With flood insurance, you hear a lot of technical terms thrown around. Terms like Base Flood Elevation (BFE), Flood Insurance Rate Map (FIRM), and perhaps one of the most confusing, Grandfathering, can confound even accomplished P&C agents when they are pressed for details.

Currently, the Federal Emergency Management Association (FEMA) is in the midst of a multi-year effort to update maps for all the communities that participate in the National Flood Insurance Program (NFIP).  These maps are usually updated one county at a time.  Many counties in the Great Lakes region have either recently adopted new maps, or are scheduled to do so soon.

Effective February 1 for new business and April 2 for renewal business, Fireman's Fund Insurance Company is updating the Michigan rates for the Premier, Standard, Renter and Condominium products. On average, the Michigan homeowner's rates are increasing by approximately 16%. The increases vary by territory. The Renter and Condominium rates are increasing by 10% in all territories. Fireman's Fund will also be implementing a mandatory Water Back-up deductible to $5,000.

This is a good time to review your customer's portfolio and establish if they qualify for more discounts. Your customers can receive discounts for having schedules of certain values, having their auto coverage written through Fireman's Fund, or having an alarm system. Give us a call toll free at 1-800-869-2022 to discuss how you can help your customers save!