National Flood Insurance Program Expires Next Month

Flooding and flood insurance are major concerns for homeowners who live in low-lying areas near bodies of water. Flood insurance is notoriously expensive and is not included in a standard homeowners insurance policy. However, it becomes necessary when a home is damaged by a flood. The National Flood Insurance Program exists to provide homeowners with up to $350,000 in coverage. This program was instituted in 2008 but has been extended 23 times since. That being said, the National Flood Insurance Program is slated to expire on July 31, 2018, if it is not extended once again.

Approximately 22,000 communities throughout the country have benefited from the National Flood Insurance Program since 2008. Individuals in high-risk flood areas are typically required to have flood insurance. However, many insurance companies do not want to provide flood insurance to high-risk homes. According to FEMA, more than 20 percent of flood insurance claims that are filed are from properties that are not in a high-risk zone.

With hurricane season upon us, it is important that homeowners obtain flood insurance. Flooding is the natural disaster that occurs most throughout the United States. Of course, floods can occur for many other reasons aside from hurricanes, including heavy rains, broken dams or levees, among others.

If an insurance company has denied your flood insurance claim, contact our firm today.

The Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.