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Flood Insurance Remains in Washington’s Back Burner

When was the last time you saw the news? While some people are information junkies, others are so jaded with the current political climate, it’s just easier to ignore it all and go on about your lives. And that’s fine, except when what’s going on in Washington may affect you personally.

A few months ago, we blogged about proposed legislation that would address FEMA’s National Flood Insurance Program (NFIP) and how to solve its financial woes. Now it’s been two months and nothing seems to have advanced.

Now, think about it: Right now, Congress is dealing with the big kahuna of legislation for the year: repealing the Affordable Care Act. It doesn’t seem to be happening; but it also seems to be taking the vast majority of their time and energy. Meanwhile, millions of Americans keep paying for their monthly flood insurance premiums, without even knowing that should they need coverage, they’ll be properly protected.

Floridians should be paying close attention

Florida is the state with the highest number of flood insurance policy holders in the nation. This is because (a) the Federal Reserve requires mortgage lenders to establish coverage as a condition precedent to qualifying for a loan, and (b) we’re surrounded by water. Now, if you are still paying for your mortgage, you’re out of luck for the moment, and will have to continue making payments.

However, if your home is paid in full, know that you have options. For example, if your property is no longer located in a high risk flood zone, you can file an appeal with FEMA to discontinue flood insurance coverage. Even if you were in a high risk a few years ago, environmental changes do affect rate maps and cause FEMA to regularly update them.

How do I appeal FEMA’s determination?

National Flood Experts conducts a free evaluation for anyone who wants one. Yes, it’s free. How much more simpler than that can you get? Get your home evaluated. If you’re still in a high risk flood zone, you lose nothing. However, if such a designation no longer applies to your area, NFE can help you through the appeals process, and even get you reimbursed for up to a year of payments already made.

What if I do need flood insurance?

Flood insurance is one of the most important protections you can have for your home. With all the issues going on with our government right now, it is advised you take matters into your own hands and research whether you’re adequately protected. Review your policy. If you don’t understand it, call your adjuster and ask for clarifications. If you need more coverage, get it now. In the words of John F. Kennedy, the best time to repair a roof is when the sun is shining.

If you’re a procrastinator, this is not the time to do so. Contact us and let us help you.

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