Last year, Congress passed a law known as the Biggert-Waters Act. Designed to provide financial stability for the National Flood Insurance Program (NFIP), this law will soon eliminate (if it has not already eliminated) subsidies that homeowners in flood-prone regions receive on flood insurance. Despite the rising cost of this insurance, flood insurance remains as important today as it has ever been.
Why Homeowners Need Flood Insurance
Homeowners who have homes in flood-prone areas need flood insurance to protect their building and belongings from a flood. Homeowners insurance generally does not cover damage caused by a flood, hence the supplemental policy. The rising costs of flood insurance that some homeowners are seeing only reflects how important it really is.
The recent storms in Arizona and Colorado are a reminder that almost any home can be flooded. One does not need to live on the coast to suffer flood damage.
Finding Affordable Flood Insurance
Homeowners still can find affordable flood insurance. If you would like help finding affordable flood insurance, contact
Cook, Disharoon & Greathouse. We will help you find coverage for your home.
