Repayment Begins to Help Replenish National Flood Insurance Program
According to experts, repayment has started to aid replenish the National Flood Insurance Program. Various coast homeowners saw a drastic raise in their flood insurance premiums.
The experts said that the National Flood Insurance Program is presently dealing with a 24 billion dollar deficit. Money gathered from increased insurance premiums and policy fees is going to aid program rebuild funds. These funds will aid in case of another storm on the coast or around the nation.
“I do recommend talking to your insurance agent and if you feel like there's an extremely high rate compared to what you were paying last year, reach out to our office, we'd like to hear from our constituents”, said US Congressman Steven Palazzo.
Palazzo added that this reauthorization is up in two and a half years and they can continue to refine it and fix it, as well as protect homeowners on the Mississippi Gulf Coast and around the nation.
The National Flood Insurance Program is aimed at decreasing the impact of flooding on private and public structures. The aim of Congressman Palazzo and other officials of the state is to find out a method to determine insurance rates in a uniform way.
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