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FEMA offers relief for insurance seekersPosted On Fri, May 21, 2010
While many property owners across the country worried they would have to buy home insurance that includes expensive flood insurance, the Federal Emergency Management Agency has stepped in to help.
With floodplain maps redrawn all over the country, FEMA said it would offer low-cost flood insurance to those in the newly-remapped areas for at least the next two years. The savings to homeowners in several areas could be just $300, four or five times lower than what they would have paid to private insurers, according to an AP report.
Les Sterman, a FEMA administrator for several southwestern Illinois counties, told the AP that everyone in an area where a flood is possible should purchase the lower-priced policies. "It's considerable relief to a point, obviously," he said.
However, Sterman cautioned, large businesses are on their own and will have to find flood insurance on the open market.
FEMA says that about 20,000 cities and towns in the U.S. are enrolled in its National Flood Insurance Program, but many looking for home insurance against floods are unaware of their eligibility for the program.
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