Mission Statement

"Our mission is to create peace of mind and build enduring relationships."

Bob Lancaster Insurance's mission statement is the core of our culture. Our customers always come first, and we strive to provide them with the products and service that best respond to their needs. Building trust and fostering loyal, long-lasting relationships are the essence of who we are and fundamental parts of our company values.

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Our employees work hard to connect with our customers on a very real and personal level. Find out what Bob Lancaster’s mission means to them and how they carry it out every day.

Bob Lancaster Insurance, serving Florida's insurance needs since 1964. Contact us today at 321-725-1620 - see what we can do for YOU and YOUR BUSINESS!

Tuesday, April 29, 2014

Torrential Tuesday - Changes to the National Flood Insurance Program Effective 06/01/2014 - Part 1

The National Flood Insurance Program will implement certain changes which go into effect on June 1, 2014. The changes are primarily as a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The Federal Emergency Management Agency (FEMA) published a summary of the changes in WYO Bulletin W-13070, dated December 16, 2013.1

Also, in WYO Bulletin W-14013, there is a link to the updated Flood Insurance Manual. This is the first blog post which will discuss some of the changes which will be effective June 1, 2014.
The maximum amount of insurance available under the NFIP for a multi-family residential building with five or more units is currently $250,000. This is the same amount available for a one-to-four family residential building.

In Section 10024 of the BW-12, effective June 1, 2014, the maximum coverage limits available for non-condominium residential buildings designed for use for other residential occupancies (multi-family dwellings of five or more families) will be increased from $250,000 to $500,000 per building. This increase is to match the limits of commercial and other non-residential properties insured under the Standard Flood Insurance Policy (SFIP) General Property Form.

While the building coverage will increase, there is no change to the maximum contents coverage for each building – it will remain at $100,000, which is the same amount for contents in commercial and other non-residential buildings. This change does not apply to Residential Condominium Building Association Policies (RCBAP) or condominium unit owners.

New premium combinations reflecting this change to the maximum limits for multi-family dwellings have been added to the Preferred Risk Policy (PRP) and PRP Eligibility Extension premium tables. These new coverage limits are available for new business, renewals or change endorsements that are effective on or after June 1, 2014.

Finally, flood insurers are required to send a letter to all eligible policyholders at least 90 days prior to the June 1, 2014 to inform them of the new maximum limits. They must also include a message on the Renewal Notice which advises the affected policyholders that higher limits are available.

Stay tuned for next week’s blog where we will discuss the changes to the NFIP’s definition of “primary residence.”

                                       Contact us for all your Insurance needs! (321)725-1620  
                                                             Bob Lancaster Insurance

Serving Florida since 1964

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