The National Flood Insurance Program providing protection for millions of homeowners across the nation is expiring soon. Many realtors are concerned as this will pose a threat to about 21,000 communities who will not have protection from flooding after the deadline on Sept 30 this year. You can get covered with a private insurance company but this is still a small market, which may not be available in your area. Home sales will eventually be disrupted as flood insurance is required for the mortgage. Contact a Miami insurance claims lawyer to protect your legal rights as a flood insurance policyholder.
About 22,000 communities across the nation protect their homes or businesses with the NFIP. When the national insurance expires these homes and properties will be exposed to torrential rain, hurricanes, storm surges, snowmelt, swollen rivers and lakes, and failing of infrastructure, without protection. This is a big issue, especially in South Florida, as Florida holds the largest number of residents with NFIP. When the National Home Insurance Program expires, new policies will not be issued or renewed and homeowners will have to pay their insurance directly to their insurance agents.
Dropping your home insurance
It’s very easy to drop your home insurance coverage as you won’t be required to have one first place. However, think about things that could happen along the road. Your property and belongings will not be protected in case of flooding. It’s a big decision many residents across the nation will have to face and there is not much time to think. Zones with a high risk of flooding will be the ones most affected as they will have to pay out-of-pocket if they decide to cancel their flood insurance with NFIP or a private company.
Protect your home
Floods are more natural in Florida than in any other region. Your home can be affected by the rising of water levels even if you don’t live in a high-risk flood region. Hurricane season is quickly approaching and you may want to think about the damage your home may sustain during this time of the year. Keeping your home safe with a flood insurance is important for you and your loved ones.
When the insurance fails
As many homeowners are not able to buy a federally subsidized home insurance from the NFIP, chances are more homes will be unprotected. Even when you have a flood insurance, the insurance can fail coverage causing insurance companies to have disagreements with policyholders. Also, policyholders are sometimes unable to interpret the complex language found in these policies and it can become a point of contention.
With a good Miami insurance attorney on your side, you will have more chances to win your argument. At Korin Law, P.A. we can handle your insurance coverage or claim dispute. Jonathan Korin is very familiar with cases like yours. He can handle your coverage issues for you and explain what your options are taking into consideration the complexities of your flood insurance. Contact us today!