Flood Insurance: Insurance Agency CT, Insurance CT

The amount of natural disaster all over the world has been staggering in over the last few years ? earthquakes in Japan and Haiti, hurricanes across the Midwest states, etc. These events have given many people pause to reconsider the types of protection they may need in their lives. Insurance has never been more important than it is right now, especially as flood waters are causing widespread damage and injury along the Mississippi River.

Since the troubles of Hurricane Katrina? years ago, the government has been desperately trying to redraft the ?troubled?flood insurance program? in the U.S. A new bill supporting an overhaul of the debt ridden National Flood Insurance Program, according to an article from Reuters, has just passed in committee at the House of Representatives:

?The bill will likely win approval in the full House soon. Then it will have to go to the Senate for review, with supporters hoping to get it to President Barack Obama for enactment before Sept. 30, when the NFIP is due to expire. Insuring more than 5.6 million U.S. property owners, the NFIP had to be bailed out by taxpayers after it was swamped by claims from Hurricane Katrina in 2005. Now it is $17.5 billion in debt and unable to pay the money back.?

The program is innately flawed, critics say, giving policy holders who live in flood prone areas too much funding in subsidies for repairs. According to Reuters, the new legislation seeks to fix these problems over the next five years, during the length of the program?s reauthorization:

?The measure would?reduce subsidies and let insurers raise premiums in phases to levels that more closely reflect actual flooding risks.?

If you are concerned about your flood insurance policy and how this legislation may change your policy, please contact your local insurance agency as soon as possible.

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Source: http://www.insurancecompanyct.com/bill-extends-flood-insurance-protection/

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