"We know borrowers face affordability challenges right now, yet a flood can be devastating to a family who is not properly insured," said Federal Housing Commissioner Julia Gordon. "The choice to select a private flood insurance option may enable some borrowers to obtain policies that are less expensive or provide enhanced coverage." (Credit: Sergio Flores)
Starting Dec. 21, 2022, homeowners located in FEMA special flood hazard areas (SFHA) that have Federal Housing Administration-insured mortgages will be able to obtain flood insurance through the private market, the U.S. Department of Housing and Urban Development (HUD) reported.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
