Much has been written about the Federal Emergency Management Agency's $23 billion budget deficit and the federal government's attempts to right the Flood insurance ship through the Biggert-Waters Flood Insurance Reform Act and the Homeowner Flood Insurance Affordability Act.

One of the goals of the legislation is for the National Flood Insurance Program (NFIP) to receive a rate commensurate with a property's flood risk. In April 2015, FEMA began instituting surcharges, and in 2016, Write Your Own companies must implement additional rate increases, some in excess of 20% and begin the effort of re-underwriting NFIP policies.

These recent regulatory pricing points have helped fuel industry interest in the emerging private Flood insurance market. Over the past year, several companies have begun offering alternatives to the traditional Flood insurance program that agents are beginning to investigate.

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