Welcome to Marshall & Sterling St. Croix

Flood Insurance Act Provides Relief from Planned Premium Increases

The Homeowner Flood Insurance Affordability Act of 2014 will...

  • Limit flood insurance premium increases to no more than 18 percent a year
  • Repeal a provision requiring immediate premium increase when a home changes ownership.
  • Reinstate the flood insurance program's grandfathering provision.

flood_look-smOn March 21, 2014, the Homeowner Flood Insurance Affordability Act of 2014 (the Flood Insurance Act) was signed into law. This Act modifies planned flood insurance reforms that would have dramatically increased premiums for many property owners in high‐flood risk areas.

These reforms were part of the Biggert‐Waters Flood Insurance Reform Act of 2012 (the Biggert‐Waters Act). The Biggert‐Waters Act required changes to the National Flood Insurance Program (NFIP) to make it more financially stable, including the elimination of subsidized rates and grandfathering, which protected property owners from certain rate increases.

The implementation of these changes led to an outcry from property owners facing sudden and significant rate increases, which manyhomeowners called unaffordable. Congress passed the Flood Insurance Act to address the issues created by the Biggert-Waters Act...Read more.

Quick flood preparation tips

Read the full compliance bulletin

What Does Flood Insurance Cover?

A standard insurance policy does not cover damages from flooding. A separate Flood policy is needed to cover losses to your property caused by flooding, which provides coverage for things such as:

  • Structural damage
  • Furnace, water heater and air conditioner
  • Flood debris clean up
  • Floor surfaces (carpeting and tile)

You can also purchase a Flood Insurance policy to cover the contents of your home, such as furniture, collectibles, clothing, jewelry and artwork.

Stay Protected

Flood Insurance means you’ll be reimbursed for all of your covered losses. Plus, unlike federal aid, it never has to be repaid. As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase Flood Insurance.

In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you want to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood. However, if your lender requires flood insurance in connection with the making, increasing, extending or renewing of your loan, there is no waiting period.

Important Links...
National Flood Insurance Program - www.floodsmart.gov
Federal Emergency Management Agency - www.fema.gov
FEMA's Flood Insurance Information - www.fema.gov/national-flood-insurance-program

* Averages based upon most recent FEMA data. Consult your Marshall & Sterling representative for actual coverage rates and specifications.

Giving Back to the Community

gistel

On a normal day, Gistel Flavius is a Financial Assistant at Marshall & Sterling Insurance, but once a week her boss lets her leave during the workday to give back to the community through her volunteer efforts with Junior Achievement of the Virgin Islands, a non-profit that places business professionals in local schools to teach the basics of entrepreneurship and personal finance.

Click here to read more...

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Opti-Sail - 2012
Sponsored by
Marshall & Sterling Insurance

 

Commitment to our
Business Community

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"And I would like to suggest something that each and every one of us should do right now, something that has long been a requirement of Economic Development Commission beneficiaries, but that now should become the policy and practice of us all, and that is to support Virgin Islands businesses first."

Governor John P. deJongh
United States Virgin Islands

Marshall & Sterling Insurance supports Governor deJongh's statement from his 2012 State of the Territory address, and we encourage the Virgin Islands business community to Think Local First!


What the Hardening Insurance Market Means for Your Business

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As industry experts closely monitor the market, the state of the insurance industry continues to fluctuate. This can be confusing for business owners trying to forecast future insurance costs while experts try to project whether insurance premiums will rise and by how much.

What is clear is that risk management, loss control and safety continue to be crucial to the success of any business insurance package, regardless of market conditions. Now is a good time to evaluate your business’s risk management plan as a whole to ensure your business can attain favorable pricing regardless of market conditions.

Click here to read more...

       

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St. Croix Branch Offices - Contact Information

John Harper
President & Branch Manager
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Contact Information
Employee Directory

St. Croix Branch Offices:

5021 Anchor Way
Gallows Bay
Christiansted, St. Croix, VI 00820
Tel: (340) 773-2170
Fax: (340) 773-9550

4500 Professional Building #2F
Sunny Isle 
Tel: (340) 713-1101
Fax: (340) 713-1107

Office Hours: Monday - Friday, 8:30am - 4:30pm

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