With so much focus on health care reform last year, you might not have noticed that Congress passed a new flood insurance law. On July 6, 2012, President Obama signed into law the Biggert-Waters Flood Insurance Reform Act of 2012, which calls on FEMA and other agencies to change the way the National Flood Insurance Program is run.
As we approach another hurricane season, Chubb has produced this FAQ on flood insurance. Chubb offers one of the few personal flood insurance alternatives to the National Flood Insurance Program (NFIP). NFIP customers are often surprised by how inexpensive the premium can be even in area prone to flood. There are two reasons for this. First, it is subsidized by your tax dollars.