What is happening with flood insurance? This is a common question and one that has prompted several of my clients to avoid homes in areas that may require flood insurance. A few years ago, there was a huge scare that flood insurance costs were going to rise so high that many people would be in danger of losing their homes, just because they couldn’t afford to pay the majorly increased flood insurance that was looming.
The National Flood Insurance Program came to the rescue. The National Flood Insurance Program (NFIP) aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations.
However, the NFIP is scheduled to expire on September 30, 2017. Unless Congress acts to extend this program, flood insurance costs may rise substantially.
Now is a good time to let your Congressman know your thoughts about flood insurance.
For more information on flood insurance and NFIP, you can go to their website: