Flood insurance – do I need it?

It’s so timely that we focus on flood insurance! Perhaps you don’t live on the coast, or on an island, but do you need flood insurance anyways? Ever heard of a flash flood? Monsoons can create a crazy amount of rain, causing flooding in some areas in Maricopa and Pinal Counties. In fact, home owners are five times more likely to incur flood damage than fire damage

The National Association of REALTORS (NAR) needs your help to send messages to Members of Congress urging them to support a comprehensive reauthorization of the NFIP.

Flood insurance in typically so expensive, that many home owners simply forego the insurance, but in the event of a 50-year or 100-year storm, you need to be prepared!!

Reauthorization of the NFIP will make a number of critical improvements to the program including increased funds for mitigation activities, caps on overall premium increases, improved claim and mapping processes, as well as removing hurdles for more private market participation in the flood insurance market.

If Congress fails to take action to reauthorize the NFIP, it will expire by September 30, 2017.

There’s a great article by Meghan Milloy, the Director of Financial Services at the American Action Forum. You can more about it at: https://www.americanactionforum.org/solution/reauthorizing-national-flood-insurance-program/.