Florida’s Current Flood Insurance Situation in Today’s Political Climate

It’s no secret that the maps of Florida’s flood zones and storm zones are complicated. Nor have they been made any less complicated by FEMA and recent disaster. Hurricane Katrina brought about a 20% increase in flood insurance nationwide. Meanwhile, all flood and storm zones were scrutinized carefully while FEMA put together the next amendments and debt forgiveness that covered over 5 million homes with the National Flood Insurance Program (NFIP) in 1968. 

What Does Flood Insurance Have to Do with NFIP?

NFIP was a big deal in November. If the bill that Rubio, Kennedy, and Menendez didn’t pass, NFIP would have run out of funding. In November, Trump extended the period to May 31, 2018. At this point, we will re-examine the Senate’s proposal.

Essentially NFIP and its amendments made it so that Special Flood Hazard Areas must be insured. Here are a few examples of the types of insurance that this program requires depending on the zone that you may be in:

  • Mandatory flood insurance on flood-prone homes in order to secure mortgages,
  • Claims have caps on the types of losses for the property owner,
  • More likely to find homes in flood-prone areas as rentals due to increased risks and costs associated with living on a storm or flood prone area.

Homeowners Flood Insurance in the Altamonte Springs FL Area

These are just some examples that make it necessary if you own a home in Altamonte Springs, FL area that you stay in touch with Blanchard Insurance. We can always go back over your policy with you and make sure that you are covered fully. 

Give our Blanchard Insurance office in the Altamonte Springs, FL area a call or come visit our website and stay in contact!