Batten down the hatches everyone, the flood coverage rate increases we warned you about are starting to make their way onto homeowners’ billing statements all over the country.
We published news of this looming flood coverage rate increase back in early June, 2016. We understand how carefully many homeowners need to watch their financial expenditures, and we speculated that this increase from the National Flood Insurance Program might make it a struggle for American families to maintain proper flood coverage.
Why Is The NFIP Raising Rates On Flood Coverage?
The first question that comes to the lips of many who have flood coverage through the government is “Why?” The cause of this rate increase can be summed up in one word: deficit.
According to news station WTSP10, “The increases come as the government tries to fill the National Flood Insurance Program back up. It’s running a $23 billion dollar deficit.”
The NFIP Isn’t Your Only Option For Quality Flood Coverage
As we explained in our first post on the topic, the National Flood Insurance Program isn’t your only option for flood coverage in America. In fact, if you want high-quality flood coverage at a reasonable rate, it’s important to look at private flood insurance.
For over 20 years, Superior Flood Inc. has worked together with Lloyd’s of London to provide homeowners and businesses with an alternative to the volatile NFIP program.
Don’t wait for rate increases to stress you out. Contact us to learn more about our residential and commercial flood coverage options today!