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Most people believe that their personal belongings are covered under their homeowners policy in any situation.  Often, it is only when a loss occurs, that they find out differently.  And, when they do, they are understandably upset.  The national flood insurance program is currently being reevaluated for its effectiveness.       

The National Flood Insurance Program (NFIP) was designed to protect homeowners, but it’s putting their safety and the environment at risk. Unfortunately, the federal program encourages construction in environmentally sensitive areas. It’s also drowning in over $17 billion in debt and drying out the wallets of taxpayers. Conservationists and tax and free market advocates agree that the NFIP needs to be reformed, and a new bill in Congress could help close the program’s floodgates.

H.R. 1309, the Flood Insurance Reform Act of 2011, is a first step in reforming the NFIP. “This bill makes great strides towards removing subsidies that have incentivized high risk development of environmentally sensitive areas”, says Josh Saks, senior legislative representative for NWF’s water resources campaign. Currently, the NFIP charges below market rates for flood insurance, which encourages development in flood prone areas. These areas, if left undeveloped, would serve as natural protective buffers against flooding. The new reform bill would require people to pay market-based rates for flood insurance, which makes it less attractive to build in a risky area. H.R. 1309 also seeks to have every property included in floodplain maps.  As a result, taxpayers will be more informed about which properties carry flood risk and how they can protect themselves. Read more:

You may or may not need flood insurance.  To find out Contact Cliff Cottam Insurance Services to make sure your home and contents are covered.  You can also complete our online Flood Quote form.  Policies take 30 days to become effective, so don't wait!  Call us at (800)  807-6871.

Posted 11:22 AM

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