Friday, June 02, 2006

National Flood Insurance Program Broke

Quote: Larry Wheeler
News Journal Washington bureau

"More bad news for homeowners in hurricane zones and other flood-prone areas: The National Flood Insurance Program is broke and has little hope of recovery unless Congress authorizes big premium increases and other changes...

That gloomy assessment by the Congressional Budget Office was released Thursday, the first day of the 2006 hurricane season.

The letter likely will speed consideration of a bill pending in the Senate that would increase monthly flood insurance premiums for some by as much as 25 percent while forcing other property owners to join the national program to broaden the risk pool"

So if you haven't gotten flood insurance yet because you think you don't need it, think again. I watched a storm watch program on WEAR Channel 3 the other night, and an expert was asked "Who needs flood insurance?" Answer "EVERYBODY"
You may not be in a flood zone, but sewers can back up and flood the street, flood zones changed every year. Remember what happened last year in the Greenbriar subdivision in Gulf Breeze! I say get it now while it is relatively inexpensive before they hike the cost up.

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