![]() ![]() No matter who you are, you probably are paying the wrong amount. The NFIP generally overcharges 50% of the flood insurance property owners and undercharges the other 50%. ![]() And since late 2013, the private flood insurance market has been growing. Then in 2012, Congress acted to allow private insurance companies to rate and write their own policies. It was still the same mess, just with a new logo. to issue NFIP policies under their own logo. This allowed the major insurance companies like The Hartford, Allstate, State Farm, etc. Enter the Alternative – Private Flood Insurance In 1983, the NFIP started the “Write Your Own” program. If a gridlocked Congress doesn’t renew the NFIP regularly, there could be claims that never get paid. They lure developers to build in areas at high risk of flooding and then bail them out when the inevitable flood happens. Typical of a government operation, they way overcharge some people and undercharge others. They’ve managed to rack up over $20B in deficits. The NFIP is set to expire almost every year and as the latest of their extensions runs out. When the agency isn’t busy cleaning up after tornados, fires, and floods they dabble in flood insurance. Government Flood Insurance is a Mess Since the government established the National Flood Insurance Program (NFIP) in 1968, most of the flood insurance coverage in the US has been administered by the Federal Emergency Management Agency (FEMA). Get Flood Nerd to help with purchasing flood insurance. ![]()
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