New York Proposes Flood Insurance Program Alternative
This is an interesting development after Hurricane Sandy and the rising flood insurance premiums in the Northeast. The current National Flood Insurance Program is a federally run program that offers policies to individuals that specifically guard against floods. This is not a new idea though, many states, like Texas, have privately run Flood Insurance programs. However, the largest program is run by FEMA and this would be the first program of it’s kind in the State of New York. The question remains as to whether this will get more people to purchase Flood Insurance, especially in the wake of Hurricane Sandy and many insurance policies not covering its damage.