Delaware Business Insurance Update From CNC Insurance Associates Inc. "More Federal Subsidies for Flood Insurance" 3-3-14

The Biggert-Waters Flood reform act was suppose to be the legislation that would wean flood insurance policy holders off the decades old Federal subsidized insurance rates. These low rates have made the flood program affordable for many,  but in a fiscal mess. With many policy holders crying "no fair", Congress is now pushing to amend the legislation to soften the rate increases and continue the subsidies. This is a good thing for the policy holders but is really irresponsible as the flood program continues on a downward spiral.  Sooner or later the "hard decision" has to be made in order for the flood program to be self sustaining. If not the Federal Government will continue to support the unrealistic rate and premiums. The flood insurance program is promoting residential and commercial growth in flood prone areas. If the premiums were accurate my guess would be that less growth would happen in those areas because the cost would be to high for most. Until next time be careful out there and know your risks.


G. Kevin Nemith- President CNC Insurance Assoc. & The Small Business Insurance Center
Serving DE, MD, PA, NJ, & VA
www.cncinsurance.com
www.bizinsurancetv.org



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