Until hurricane Katrina, the Federal Emergency Management Agency (FEMA) flood insurance program was fully self-funded through private flood insurance contributions for decades. But Katrina caused so much damage from flooding that FEMA is now billions of dollars in debt. It has recently sought to protect itself from disproportionate payouts by reevaluating the nation’s flood zones, and the new maps are forcing many to buy flood insurance who never have before.
Flood insurance is not like homeowners insurance. For one thing, it doesn’t cover all of your valuables in the event of a loss. By
No Comments »