Consumers and businesses alike are being urged to acquire flood insurance
Missouri homeowners, business owners, and renters are being encouraged to purchase flood insurance coverage, even if their properties are not located in risk-prone areas. Floods have caused significant damage in the past due to heavy rainfall and powerful storms. In Missouri, those without flood protection are being urged to acquire coverage in order to adequately protect themselves and their properties. Typically, however, the only place for people to find coverage is through the National Flood Insurance Program.
Agencies in Missouri are certified to sell National Flood Insurance Program products
More than 70 private agencies and insurance agents are certified to sell products through the National Flood Insurance Program, which is managed by the Federal Emergency Management Agency. Those interested in flood protection are encouraged to contact their insurance agents in order to determine what level of coverage is appropriate for their situation. Not all homeowners live in flood-prone areas, but this does not mean they are immune to flood disasters. Without appropriate coverage, they could be exposed to serious financial risks in the event of a major storm.
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Insurance coverage may ensure consumers are protected in the wake of a natural disaster
In the event of a natural disaster, the federal government does provide financial aid. This aid typically comes in the form of low-interest loans and small grants that will help cover the cost of flood damage. This aid is only available if a federal disaster is declared, however, and flood insurance coverage is not dependent upon this declaration. As such, those with flood protection have guaranteed support, even if a flood disaster is not severe enough to be considered a federal emergency.
Cost of flood insurance often prevents homeowners from acquiring coverage
While homeowners are being encouraged to acquire flood insurance, they are also being warned that the National Flood Insurance Program has faced serious financial trouble over the past few years. This has lead to higher flood insurance premiums for many people in the country, but the federal government has been working to reduce the cost of coverage. With natural disasters becoming more frequent, however, reducing the cost of flood insurance protection has proven to be quite difficult.