FEMA flood insurance: Comparing the pros and cons of flood insurance options

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What's right for you? Private insurance v. FEMA flood insurance

Since FEMA began Risk 2.0 in 2021, raising many homeowner's flood insurance rates, more property owners have dropped their policies.A recent Houston Chronicle analysis shows one in twelve buildings and homes in the Houston area have canceled their FEMA coverage, totaling 45,000.But now more insurance companies offer private flood insurance, and more mortgage lenders accept it.

Now let's look at private flood insurance, which is offered through insurance companies, including Allstate, Geico, Neptune, Travelers, and Wright. Premiums for private insurance can be lower than FEMA's, yet can offer enhanced coverage, such as living expenses if you can't live at home after a flood, and much higher coverage limits."Some of the benefits they have include actually higher coverage rates than the FEMA program.

 

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Private or FEMA Flood Insurance: How to know which is best for your propertyIf you don't already have flood insurance, you should consider it. We have seen the devastation flooding can cause. In this article, investigative reporter Amy Davis is answering your questions about private flood insurance versus FEMA's National Flood Insurance Program.
Source: KPRC2 - 🏆 80. / 68 Read more »