Arkansas is among five states that have the most land situated in 100-year floodplains
Arkansas could be exposed to significant risks related to flooding, and it is not the only state to face such risks. According to the Arkansas Natural Resources Commission, the state is among the top five states that have land situated in 100-year floodplains. In the event of a major flood, such a disaster could have catastrophic consequences for homeowners and businesses. The main problem is that most homeowners do not have flood insurance protection, which could lead to serious losses if they are even a victim of a flood.
NFIP is able to help homeowners and businesses with flood protection
The National Flood Insurance Program was established in the 1960s as a way to ensure that communities had access to the flood protection that they needed. The problem, however, is that most homeowners believe that their conventional property insurance policies also offer protection against flood disasters. This is not the case, however, and the National Flood Insurance Program is generally the only place where consumers can find this sort of protection. Now, FEMA, which manages the national program, is expanding the program’s capabilities in order to better serve communities.
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Businesses can benefit from comprehensive flood insurance coverage
Developers of mixed-used buildings and commercial and industrial properties qualify for coverage through the National Flood Insurance Program. This coverage can help businesses protect themselves from losses that would be caused by flooding. Such losses typically come from a loss of business, as companies have to close due to the effects of floods. Flood insurance will also help businesses recover from the damage caused by flood waters.
Consumers are being encouraged to purchase flood insurance policies to protect against natural disasters
State and federal officials have begun urging consumers to acquire flood insurance coverage, especially as natural disasters become more frequent and powerful. In the coming years, flood disasters may take a massive toll on homeowners, leaving many people in desperate financial situations, from which they may not be able to recover on their own.