If so, here are some changes coming your way.

Neptune sent out an email recently explaining that NFIP estimates that 77% of policyholders will see a premium increase. The average premium increase is estimated to be $100 per year per policy. It is also changing its rating system and will take effect on 10/1/2021 for new business and 4/22/2022 for renewal business.

They will start utilizing other data in their rates, such as annual rainfall, the number of stories, brick or frame construction, foundation type, use type (primary or secondary), prior flood claims, etc.

Things to Note:

  • Flood Zones and BFE are going away.
  • Rates will go up for higher valued homes.
  • Repeat claims appear to be a problem for NFIP.
  • Policies that see a rate increase will transition over five years to the correct rate at 18% per year.
  • The application will be redesigned and streamlined.
  • Renewals starting 10-1 can be priced in the new program manually if agents want. However, you’ll want to keep in mind even with their new quoting system available now; it continues to be a slow process.
  • They are trying to sell more policies by better pricing for the risk and closing the uninsured gap.
  • HCIT continues to be one of the easiest application processes in the flood market. It’s competitive in price and has the broadest coverage, covering landslides and earthquakes on top of floods, which you won’t find with any other carrier out there for no additional cost.
  • HCIT and our underwriters at Lloyds care about our clients, and the last thing we want is for a catastrophe to derail their life. However, we understand that nature has a mind of its own, and disasters happen, and when it does, HCIT will be here to cover the loss without giving them the runaround.


With all these changes, we would love a chance to quote your flood policies coming up for renewal. Please reach out to us with any questions. Remember theirs no wait time to see what your insured’s premium will be. It’s directly on the front of our application. If you need to know the premium for anything over 1,000,000, please email us, and we’ll email you back the premium amount.

We look forward to doing business with you!

Learn more about HCIT and start working with them today.

Share This