Delaware Business Insurance Update: Will the Flood Money Run Out?

With an estimated 5 billion dollars of flood claims expected in New Jersey and New York, will the Federal government have enough money to pay the claims?  I am not kidding here folks !  Every year Congress has to vote to continue the flood program and fund it. Records indicate that the NFIP (The National Flood Program) through FEMA only has about 3.0 billion in money set aside to cover flood disasters. With the damage brought on by Sandy, this money may quickly evaporate. My prediction is that a new funding initiative by Congress will be on the agenda after Jan 1st.  Let's hope mother nature coroperates and allows us some time to build up the fund again. Until next time be careful out there and know your risks. K

Blog by G. Kevin Nemith,  President CNC Insurance Assoc., Small Business, Business Insurance, Enterprise Risk Management specialist serving Delaware, Maryland, Pennsylvania, & New Jersey.
www.cncinsurance.com
www.bizinsurancetv.org

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