Flood Insurance Series

Flood Insurance Reform Needs Our Attention

It is estimated that 70% of all Americans live near water and, therefore, their homes and businesses are likely to be flooded at some time in the future. 

The National Flood Insurance Program has been in existence to offer disaster insurance since 1968, but has found itself in significant financial trouble in recent years ----so much so that Congress passed the Biggert-Waters Act of 2012, requiring that the program become self-sustaining by increasing insurance rates (among other things).

And if you are reading this, chances are that you have been impacted by these rate changes, or the accompanying mapping and elevation changes.

According to the General Accounting Office, approximately 438,000 policies are no longer eligible for subsidies and will have their premiums raised to actuarial rates in the near future.  Another 715,000 subsidized policies will be eliminated over time as properties are sold or coverage lapses.

This may mean significant impact to individual homeowners’ pocketbooks as well as home values, to the tax base in a waterfront community, to the economies along watersheds and coastlines.

So we all have a dog in this fight. 

We have undertaken this series of articles to help people understand the implications and deal with the impact of flood insurance reform. 

We hope you find them informative and helpful.  

1. The Murky Waters of Flood Insurance

2. How Flood Insurance Mapping Works

3. How the Flood Insurance Program Does and Doesn't Work

4. Flood Insurance is more than a Coastal Issue

5. Living with the Impact of Flood Insurance Reform

6. Fixing Flood Insurance Reform

7. Mitigation and Resiliency reduce dependence on Flood Insurance

8. Homeowners not out of the Wood on Flood Insurance