While there is a growing market for private flood insurance, for many, the National Flood Insurance Program (NFIP) continues to be the primary source of asset protection against flooding, but it is set to expire on July 31st.
REALTORS® across Rhode Island support long-term reauthorization of the NFIP and reforms which would make it financially sustainable long-term.
Currently, the program is not charging enough in premiums to cover expected claims in catastrophic loss years and has already borrowed over $30 billion from taxpayers to make up the difference. For these reasons, the Rhode Island Association of Realtors supports a strengthened National Flood Insurance Program coupled with a robust private market to offer choices and maintain access to flood insurance in all markets at all times.
For more information, visit riliving.com.