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