This is hard to say. We have seen very small increases to renewal premiums (2-5%). Conversely, we have seen 25% increases on National Flood Insurance Program (NFIP) policies. And that is 25% every year! The Private Market is not capped at 25% like NFIP though. If we have a major flooding event here in New England, all bets are off. There just isn’t enough historical evidence as to how they would respond to a catastrophic event. I am confident that it won’t be huge increases. You can always go back to an NFIP policy as a last resort and remember we do have over 15 different Private Flood Markets.
Give us a call at: (508) 997-3321 or visit our website at: https://coastalinsurancema.com/get-a-quote-flood-insurance/