FEMA & Flood Insurance

Now that FEMA has to pay for Katrina will I ever be able to afford any kind of flood insurance? I've been putting off buying it for four years.

 

Answer:

Unfortunately, this is the question of the day. I can't tell you what the increase in the cost of flood insurance could be. However, you can likely expect it to increase and continue to increase. If you think this is insurance that you need, I'd really think about making room for it in my budget. If your home is fully destroyed by hurricane, the cost of rebuilding can be completely out of your reach.

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