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Attain Insurance

611 Gault ave S
Fort Payne, AL 35967

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Historical Overview of Flood Insurance

The historical evolution of flood insurance traces back to when communities recognized their properties’ vulnerability to natural disasters, even in the Fort Payne, AL, area. The destructive force of floods prompted the realization that conventional insurance coverage fell short of providing adequate protection against such perils.

Government Intervention for Risk Mitigation

The National Flood Insurance Act of 1968 was enacted in the United States. Fueled by the devastation caused by Hurricane Betsy in 1965, this legislation marked a significant shift. It aimed to reduce the government’s and individuals’ financial burden by establishing the National Flood Insurance Program (NFIP).

Government-Backed Initiative

The NFIP, managed by (FEMA), introduced a structured approach to flood insurance. It offered policies that covered flood-related damages, filling a crucial gap in traditional insurance offerings. This government-backed initiative sought to incentivize communities to adopt and enforce sound floodplain management practices.

Adapting to Changing Realities

Over the years, flood insurance has faced challenges, particularly in the wake of catastrophic events that strained the resources of the NFIP. The program underwent reforms to enhance its financial sustainability while providing vital coverage. With the changing events of weather, improvision became more prevalent over the decades as adapting became a new way of life. 

Encouraging Private Innovation

In recent years, a notable shift has been witnessed with the growing involvement of the private insurance market in providing flood coverage. This diversification aims to foster innovation, offer tailored policies, and complement the efforts of government-backed programs. It reflects a recognition of the evolving risks associated with climate change and the need for a more comprehensive approach to flood risk management to this day. 

How Attain Insurance Can Help You

At Attain Insurance, we can help answer questions concerning flood insurance. We serve the Fort Payne, AL, area. Contact us today.