State offers one-stop shop for flood insurance

Pennsylvania homeowners, who may be facing steeply rising premiums under the federal government’s flood insurance program, may be unaware they can get private market flood coverage, in many cases at substantial savings as compared to the federal government coverage, Pennsylvania Insurance Commissioner Teresa Miller said in a press release.

To help these consumers, Miller announced the creation of a new web page, providing a one-stop shop for information on flood insurance available to Pennsylvania homeowners and renters.

“For most Pennsylvanians trying to buy individual flood insurance coverage, especially for their homes, the National Flood Insurance Program (NFIP) run by the federal government was thought to be the only option,” Miller said in the release.  “But with Congress mandating federal subsidies end for NFIP coverage, and premiums be based on the property’s actual risk, premiums for this coverage are rising and may become difficult for many homeowners to afford.”

Miller said the NFIP fell billions of dollars in debt from overwhelming claims following hurricanes Katrina and Sandy, leading Congress to take action.  The good news for Pennsylvania consumers is the rapidly rising NFIP premiums are making flood insurance more attractive for private market insurers, with private coverage available in many cases at drastically lower rates than the federal government insurance, the release said.

The web page, listing flood coverage available to Pennsylvania homeowners and renters, is available by going to www.insurance.pa.gov, and clicking on “flood” under Top Pages.

“My goal is to make sure Pennsylvanians can find good coverage at affordable prices, and this one-stop website will help homeowners and renters be able to do this,” Miller said in the release.

Miller last month testified before a Congressional subcommittee in support of proposed federal legislation that would help facilitate the entry of additional carriers into the private flood insurance market and provide consumers with access to additional options for flood insurance.

 

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