Flood Insurance Hits Hard Across the Nation

In Insurance Industry, Insurance News on November 11, 2013 at 1:32

While Florida leads the nation in hurricanes – this season notwithstanding – floods are an issue in many, many states.  Gulf Coast states, Atlantic and Pacific coasts are all vulnerable to storms and flooding.  Property owners are feeling the pains with the Biggert – Waters Flood Insurance Reform Act.

Partially due to the impact of Superstorm Sandy, the Act was passed in 2012 to help the government eliminate a $25 billion shortfall in flood claims.  The concerns about this Act have been felt in Mississippi, New York, California.

Forbes Magazine explains it all, with an explanation of the 1968 National Florida Insurance Program.  Many things have changed in 45 years.

Click here for more information.


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