The year 2017 brought with it one of the most historically devastating hurricane seasons, resulting in an unprecedented $200+ billion in damages for the U.S. With numbers like these, you’d think that preparations would be in place for the 2018 season. But not so much: The National Flood Insurance Program, or NFIP, which provides affordable flood insurance to homeowners and businesses, is set to expire on July 31st— a foreboding prospect that can have a horrific effect once 2018 hurricane season hits. The program is already billions of dollars in debt, and the current expiration date is the latest in a series of short-term extensions to try and keep the program intact. The Senate has received a high level of criticism lately due to their floundering over next steps, and making some decisions on reforms and funding is currently a crucial turning point for which time is quickly running out.
What Are the Risks?
You already know that Florida flood insurance is a necessity, especially because high-category hurricanes are a trend likely to continue along with climate change. Even if you live in a low-risk area, there still exists a potential for unexpected and devastating damages. Without flood insurance, you run the risk of suffering extreme financial consequences–and quite literally losing everything. But flood insurance itself can be costly– and this is where the NFIP becomes relevant.
How Can Reform Help?
The bottom line is that the Senate needs to act when it comes to the NFIP. The program already has several flaws, and you’ll find there’s much talk about the possibilities and options for reform. A reform to privatize flood insurance can make covering the costs of large-scale damages more possible, and privatizing could potentially save taxpayers billions of dollars while simultaneously strengthening the NFIP. Other helpful reforms could involve premiums that are more realistic and affordable for the average American, and a closer examination of the severity of flood risks in vulnerable areas. FEMA’s flood maps could probably use some revision, as well.
Your First Step
Despite the uncertainties on the horizon regarding the NFIP, the best step you can take is to make sure that you’re covered by Florida flood insurance. Homeowner’s insurance does not cover damages caused by flooding, despite the fact that said damages are often some of the most devastating and costly– and even if you live in a zone where flood insurance isn’t required, this in no way means that you’re exempt from the possibilities of being hit by a flood. With flood insurance, you don’t just get to breathe easier when it comes to your home’s structure– flood insurance will cover your personal items like electronics, appliances, clothing, and food. With as little as one inch of water in your home holding potential to cause thousands of dollars of repairs worth in damages, you shouldn’t place your trust into your area’s (lack of) flood history.
It pays to get covered– and that’s why we’re here to help you find affordable Florida flood insurance. Contact our team of professionals so that we can get you started on finding the best, most affordable policy.