Palazzo reacts to increasing insurance prices
Repayment has begun to help replenish the National Flood Insurance Program. Starting yesterday, many coast homeowners started to see a drastic increase in their flood insurance premiums. The National Flood Insurance Program is currently dealing with a 24 billion dollar deficit.
Money collected from increased insurance premiums and policy fees will help the program rebuild funds. These funds help in the case of another storm here on the coast or around the nation.
“I do recommend talking to your insurance agent and if you feel like there’s an extremely high rate compared to what you were paying last year, reach out to our office, we’d like to hear from our constituents,” said US Congressman Steven Palazzo. “We can carry this back to Washington, D.C. Good news is, this reauthorization is up in two and a half years and we’ll be able to continue to refine it and fix it and protect our homeowners here on the Mississippi Gulf Coast and around the nation.”
Congressman Palazzo and other state officials’ goal is to discover a way to determine insurance rates in a uniform way regardless of where you live.
Money collected from increased insurance premiums and policy fees will help the program rebuild funds. These funds help in the case of another storm here on the coast or around the nation.
“I do recommend talking to your insurance agent and if you feel like there’s an extremely high rate compared to what you were paying last year, reach out to our office, we’d like to hear from our constituents,” said US Congressman Steven Palazzo. “We can carry this back to Washington, D.C. Good news is, this reauthorization is up in two and a half years and we’ll be able to continue to refine it and fix it and protect our homeowners here on the Mississippi Gulf Coast and around the nation.”
Congressman Palazzo and other state officials’ goal is to discover a way to determine insurance rates in a uniform way regardless of where you live.
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