This Friday, U.S. bank regulators proposed a new plan for collecting flood insurance premiums from property owners. Under the proposed regulations, those who have flood insurance to protect their homes would be required to have their premiums set aside in escrow accounts.
According to regulators, having residence’ premiums automatically sent to these accounts would help ensure that those living in flood-prone zones keep up with their flood insurance payments.
Although the U.S. is predicted to face a near- or below-normal hurricane season this year, when it comes to hurricane preparedness, it’s better to err on the side of caution.
And while Arthur didn’t make it past category 2, leaving only minimal damage behind, hurricane season is far from over. This year, the Atlantic hurricane season will run all the way until the end of November.
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