National Flood Insurance and Businesses: The Price of A Clam Roll May Be Rising
The National Flood Insurance Program’s redrawing of flood maps and roll-back of flood insurance subsidies for some properties have caused an uproar from homeowners in coastal and other areas where flood insurance is required by mortgage lenders. It may be less commonly known that NFIP is also phasing out subsidies for business properties. So if you notice the price of a clam roll starting to climb, your favorite seaside eatery may be passing along its rising insurance costs. If it’s your premiums that are rising, grants may be available for implementing flood mitigation measures (picture your clam shack on stilts), and implementing those measures may lower your flood insurance premiums.
For more on this see http://www.fema.gov/hazard-mitigation-assistance.
Posted In: Insurance