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NFIP Hopes to Stem Flood Coverage Losses.(National Flood Insurance Program)(Brief Article)
While flooding is the most common natural hazard in the U.S., the number of policies covered by the National Flood Insurance Program only grows by about 1% a year, according to the Federal Emergency Management Agency.
That means for the roughly 500,000 new policies the NFIP brings in each year, about the same number are lost. Which has the NFIP asking: why are so many flood insurance policies not being renewed?
FEMA hopes to improve that record and achieve a 5% annual growth rate.
There are legitimate reasons for a payoff, the NFIP concedes. Mapping changes, paid-off mortgages, and properties selling for cash mean that there is no requirement for insurance to be required.
But the NFIP believes it can achieve its growth targets by reducing the rate of attrition in the NFIP program, and that will entail making the NFIP's own equivalent of forced-placed coverage more attractive to major mortgage servicers.
The NFIP, in a recent article in its ...
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