Unpopular actions include raising premiums and mandating coverage in more area. Of course, the present program is heavilly subsidized and so the burden falls on taxpayers. Many owners of vacation homes in coastal area could have their flood insurance subsidized too.
So people can certainly live where they want to, but perhaps they need to bear more of the cost of doing so. And especially, they should bear more cost if they are purchasing flood insurance for a vacation home!
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One of the best places to research flood risks and flood insurance is by looking at information put out by the governement. Is it, tytpcially unbiased and unhyped. Plus Fema, the National Flood Insurance Program, etc. do give a lot of information, and with a little work, you should be able to find answers to most of your flood coverage questions.
For instance, FEMA and the National Flood Insurance Program publish a FloodSmart Website to help property owners understand the risk and responsibility of flood damage. They discuss the basics of protecting yourself from financial loss from floods. They also publish flood zone information so you understand the risks to your own local area.
FEMA, National Flood Insurance Program, Floodsmart, Food Risks, Flood Insurance
Those of us who live in coastal states like Louisiana and Texas, tend to think that flood insurance is a problem faced by those in coastal areas. And certainly, we’ve had our shares of tropical storms, hurricanes, and flood damage in the last few years. However, flood happen in every state of the US. In fact, the Red Cross states that 90% of storm damages are caused by floods!
Here are some facts from the National Flood Insurance Program:
Floods and flash floods happen in all 50 states.
Hurricanes, winter storms and snow melt are common (but often over looked) causes of flooding.
Basic homeowners insurance usually does not cover flood damage.
Federal disaster assistance offers loans to help cover flood damage, not to compensate you for losses. Even then, those loans are only available if the President formally declares a disaster.
Less than 10% of all weather-related emergencies in the United States are declared federal disaster areas.
Your homeowners insurance policy probably does not include flood damage. If you live in a flood prone area, you almost certainly DO NOT have flood coverage in your normal homeowners policy!
