The 2018 Atlantic hurricane season has started, and with a near or above-normal season predicted by the National Oceanic and Atmospheric Administration, homeowners may want to buy flood insurance to cover damages not covered by standard homeowners insurance. Flood insurance is sold by the National Flood Insurance Program (NFIP) and very few private insurers. The government’s program needs to be changed to make it more accessible and placed on firmer financial footing, according to critics. Lawmakers have until July 31 to reform and reauthorize the program before it expires. Insurers, regulators, and consumer advocates recommend that homeowners purchase coverage now before storms hit because new policies take 30 days to go into effect. National Association of Insurance Commissioners President and Tennessee Insurance Commissioner Julie Mix McPeak said the association was urging a long-term reauthorization of the federal flood program and also supports changes to increase availability of private flood insurance options for consumers. She also noted that homeowners should consider buying flood protection even if they are not in an area traditionally considered to be high risk. In recent years, areas that had not previously experienced problems have flooded, McPeak warned. | Read More