The Need for Flood Insurance Reform

Millions of Americans rely on the NFIP or National Flood Insurance Program to rebuild after every natural disaster. However the NFIP is in financial trouble, and it needs reforms to ensure that the program will continue to protect people in harm and pay claims.

Without action, our country’s natural resources, property owners, and taxpayers will be at risk.

In the past, disasters with flood damages exceeding $1 billion occurred once or twice a year. Now, they happen five to ten times yearly. Because of this, the federal flood insurance program that covers more than 5 million policyholders is now drowning in debt that amounts to tens of billions of dollars. Updating the NFIP can lower the economic impact of the disasters and reduce the burden of the program on taxpayers.

Through subsidies, policymakers try to keep the rates down. It may work in the short-term, but it keeps more families and homes in harm’s way. We should be earnest in the mitigation of the flood risk that millions of homeowners may face all over the country and keep insurance rates equal to market rates.

We need to make sure that the process is fair and transparent to homeowners by improving the flood maps that are used to determine the rates. The flood maps of FEMA are outdated and old in many places. Homeowners in a flood zone have only two options: Prove that the maps are incorrect or buy insurance at the rate instructed by the government.

Also, put modern technology and data to work so you can make sure that you have reasonable rates and give prospective homebuyers a clear view of the future costs.

At NoBSFloodInsurance we care deeply about flood insurance and we want to be sure all our clients are safe and well-protected today and into the future. To learn more about how we can help you with flood insurance for your home or business please contact our agency at 1-800-747- 5311 or Click Here to request a free quote.