Legislation concerning flood protection may only be a short term solution
Legislation meant to rollback the premium increases on policies from the National Flood Insurance Program was recently passed, but the matter of expensive insurance coverage is far from over in many states. The legislation was designed to provide homeowners with relief from insurance rates that were rising too quickly, but it may only be a temporary solution to a serious problem. Lawmakers in Georgia are looking into new solutions to the matter of flood insurance and what can be done to make this protection less of a financial burden on homeowners.
Premiums for flood protection are expected to rise in the future
Short term fixes have come to define the National Flood Insurance Program. The program accounts for the vast majority of the flood protection that is available in the U.S., and it has been crippled by debt for several years now. This debt has destabilized the program on a financial level and has also lead to a massive increase in premiums for coverage. For many homeowners, higher premiums have become an inordinate financial burden that has, at times, risked their ability to actually pay their mortgage and take care of other financial responsibilities.
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States are beginning to take the matter of flood insurance into their own hands
Some states have begun to take the matter of flood protection into their own hands. In Florida, for instance, state lawmakers are considering opening up flood insurance to the private market, allowing the state’s insurance companies to offer coverage to homeowners. In Georgia, legislators are coming together to determine what a long term solution to the flood protection problem could be.
Study shows that people are moving to high-risk areas despite potentially high insurance costs
The Union of Concerned Scientists, an environmental advocacy group, released a study recently concerning the state of flood protection in Georgia. According to the study, some 97,000 flood insurance policies are active in Georgia, which account for $70 million in premiums. The study suggests that flood protection will become significantly more expensive in the future due to the fact that homeowners are moving to risk-prone areas, such as the coast.