It seems like every six months, NAR is encouraging Congress to renew the National Flood Insurance Program and costs continue to rise. Currently, NFIP’s flood-insurance-writing authority is set to expire on Sept. 30. NAR has also posted frequently asked questions regarding the potential expiration later this month.
Pennsylvania Insurance Department Commissioner Jessica Altman recently talked with me about flood insurance, how important it is for all homeowners to consider this insurance and what the state is doing to help homeowners find insurance.
Altman said the NFIP is about $25 billion in debt following the last several major storms, like Hurricanes Katrina and Sandy. Congress has since passed a law phasing out subsidies for high risk properties, which is leading to higher NFIP premiums.
As a result of fewer subsidies, private insurance companies are entering the market and can offer more reasonable rates. The Pennsylvania Insurance Department has created a one-stop flood insurance webpage for homeowners to see the flood insurance options that are available.
For more information on flood insurance, watch my complete interview with Commissioner Altman.