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House Passes Bill to Protect FEMA’s National Flood Insurance Program

If you live anywhere in Florida, Louisiana, Texas, or on the eastern seaboard, you probably paid close attention to news of natural disasters during the 2017 hurricane season. We watched as Harvey submerged Houston in deep water; how Irma practically decimated Key West, and how hurricane María ravaged the Caribbean (over three months out, and half of Puerto Rico still remains without electricity).

So with so many issues coming up, it makes sense to stay updated on FEMA’s National Flood Insurance Program (NFIP). Several months ago, we blogged about proposed legislation on the subject; but as Congress dealt with the now famous tax reform, flood insurance seemed to remain on the back burner. This seemed worrisome, considering that the NFIP was slated to expire in December 2017.

House passes bill to retain National Flood Insurance Program

This past November (2017) the House of Representatives voted to authorize the NFIP to continue until 2022. Allegedly, some of its terms encourage the entry of more private competitors into the marketplace. However, unless the Senate passes it without modifications, the fate of the NFIP remains up in the air.

How does this affect you?

         Flood insurance affects everyone, whether you live in a high-risk flood zone or in a low risk zone. For example, if your home is located in a high-risk zone, and you don’t have adequate coverage, you could face the same fate as some of the victims of hurricane Sandy: still battling it in court years after the hurricane. By the same token, some people whose homes are in low risk flood zones are paying monthly insurance premiums, when their homes may not even need it. Either way, people are wasting money.

What happens if the Senate passes the bill?

         They could ratify it as is, or make edits or additions to it. Regardless, it has been proven time and again that the NFIP is not adequately funded, so why put all your eggs in that basket, when it might be an exercise in futility?

National Flood Experts can do a free evaluation of your home to determine whether (a) you need to keep paying for flood insurance in the first place, and (b) help you find adequate coverage if you do need it. And if it turns out you don’t need it, you can even get reimbursed for the last year of payments.

Contact us and see what we can do for you.

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