A Look at What the National Flood Insurance Program Does
The National Flood Insurance Program (NFIP) provides property owners, businesses, and renters access to affordable flood insurance, according to FEMA. Overall, the program aims to reduce the impact of flooding on individuals and communities.
National Flood Insurance Policy Logo
The NFIP program is about …
- Caps National Flood Insurance Policy’s rates at $10,000 per year for property owners.
- Directs FEMA to develop more granular rate tables, to ensure fewer properties are overcharged by NFIP.
- Sets aside $1 billion for flood mitigation assistance grants.
- Increases access to private market flood insurance.
How it affects the Florida market
- Florida has more National Florida Insurance policies than any other state.
- Nearly every Realtor either sells property or lives in a flood zone in Florida.
- Without flood insurance, home sales don’t close, and our communities are unprotected and at risk.
- Without the National Flood Insurance Program, 40,000 residential transactions a month will not happen.
If the NFIP ever expires, Florida’s real estate industry will be severely impacted.
Contact us and we help you with all your properties or future investments.
0 Comments