Delaware Business Insurance Update From CNC Insurance Associates, " The Flood Program Needs Help" 2-14-16

It is early in the year and already Mother Nature has given us some pretty wild weather. Flooding in the mid-west and east has again put a strain on the National Flood program.  This program backed totally by the federal government is in need of some help. Currently the program is 20 billion in debt and the storms keep happening. In order to fix it and make it sound financially, the rates have to increase and private insurers have to get in the game. In every Federal program politics rule, and having the political will to do the right thing is not in the foreseeable future. The federal government has to realize that private businesses need to get involved to bail out the program.  Homeowners need to realize that rates will have to increase to keep coverage viable. If these two things don't occur, the program will collapse under a mountain of debt. Keep your eye on this one folks. Until next time be careful out there and know your risks.

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

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