Relief for Flood Zone Residents

For people living in designated “flood zones,” flood insurance is an absolute necessity. Unfortunately, however, in recent years, flood insurance costs have gotten so high that many people can’t afford the insurance they desperately need. These people, however, recently received some good news: President Obama chose to pull back 2012 reforms affecting the National Flood Insurance Program.

The original goal of those reforms was to make costs and revenues line up and to match flood insurance rates with actual risk. This led to skyrocketing costs for many flood zone residents and to a Federal Flood Insurance Program that’s an astounding $24 billion in debt.

Fortunately, President Obama’s recent decision should take insurance rates back to their pre-2012 costs, meaning substantially lower rates for many.

With rates lowering, you can expect many more people to acquire flood insurance from your organization, which means you may need to hire an extra independent insurance adjuster or two. If you can’t afford to hire a new independent insurance adjuster team full time but would just like some additional help dealing with the expected increased demand, know that HC Adjusters can help. It can send you a New Jersey independent insuranceadjuster (or two or three!) to help you on an as-needed basis.

Related articles

• Washington Is Encouraging The Next Hurricane Sandy, By Creating New Subsidies For Flood Insurance (forbes.com)
• New flood insurance law will slow increase in premiums (sfgate.com)