20 Sep NFIP Flood Reauthorization – A short term solution
The National Flood Insurance Program (NFIP) has reauthorized the program to run through December 8, 2017, but it appears to be a temporary measure.
As our clients recover from the aftermath of Hurricane Irma, we appreciate that this program is still available to them for Flood insurance. However, the Private Flood market has stepped in knowing that this FEMA program is financially in debt by over $23 billion, and those numbers don’t include Hurricane Harvey, and Hurricane Irma costs.
Because of this short term solution, is Private Flood the answer? There are a few issues that a business or homeowner faces when they make the decision to purchase Flood Insurance, and one of them is to use the NFIP Program, or go to a Private Flood carrier. It can be a complicated choice unless you have the right trusted advisor to walk you through the options.
A short term solution for the NFIP program poses as an opportunity to extend your review time until December 8th, but don’t wait too long, as the Flood Remapping project is set to announce the new Flood Zones, and you may go from a Lower Risk Zone to a Higher Risk Zone, and the rates will go up.
Making a call to discuss Flood Insurance, Flood Remapping and protecting your business and property is key right now, and we are happy to engage with you on this ever changing topic. Our Flood specialists are ready to share their knowledge, and help you wade through the options.
Call us today for more info: 561-276-5221