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Congress Considers Flood Insurance Reforms

The National Flood Insurance Program (NFIP) is one of the few ways to get insurance coverage for flood risks, and the program is set to expire later this year. However, Congress is currently examining a number of possible changes to the NFIP before it’s reauthorized.

One of the most important topics regarding the NFIP is its financial stability. The program is currently $24 billion in debt as a result of rising claims costs and severe weather events, and some lawmakers believe that the program needs substantial reforms in order to remain viable.

The following are some of the changes that are being considered to the NFIP:
• Making private flood insurance more available to consumers
• Limiting payments to properties that flood repeatedly
• Reducing taxpayer subsidies for flood insurance
• Creating financial incentives for flood mitigation

Contact us at WGBCO with questions on how we can help you with flood coverage. 916-380-5300

Filed under: Personal Insurance — Jillian Bender-Cormier @ 6:35 pm July 19, 2017