Consumers Face Increase In Flood Insurance Premiums Through NFIP

Flood insurance premiums in the United States are set to spike on April 1. Those with coverage through the National Flood Insurance Program (NFIP) will see higher rates as the program continues to recover from its massive $24 billion debt. Much of the debt came in the wake of Hurricane Katrina and Hurricane Sandy. These two disasters caused significant financial damage, which NFIP has been unable to recover from despite action taken by Congress. For many living in high-risk flood zones, NFIP is the only place they can find flood protection.