Tag: federal flood insurance

Flood insurance premiums will be on the rise for many in 2013

H. Cutner
Flood Insurance

Homeowners in New Jersey are finding that it may not be long before the cost of flooding coverage increases. The Federal Emergency Management Authority (FEMA) held a meeting on January 10, 2013, which was attended by leaders and representatives from local municipalities from New Jersey, at which they were informed that the owners of non-primary residences that were constructed before 1968 would soon see a whopping 25 percent increase to their flood insurance premiums. The rate increase was set to become effective as of January 1 in order to offset…

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Flood insurance approval for $9.7 billion in claims from U.S. Congress

Flood Insurance

The final congressional nod was achieved when the Senate passed the bill on Friday. The new United States Senate has now passed a bill for $9.7 billion which has brought about the final approval of Congress to assist in the payment of flood insurance claims for businesses, homeowners, and renters whose properties were damaged by Superstorm Sandy when it hit at the end of October 2012. This has replenished the funds for NFIP, which were reaching urgently low levels. The National Flood Insurance Program (NFIP) was predicted to run dry…

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National Flood Insurance Program may be helping preparedness for the impact of climate change

flood insurance

National Flood Insurance Program reform promotes preparedness Changes made to the National Flood Insurance Program earlier this year may help prepare the country for the risks it faces from powerful natural disasters in the future. It is no secret that the National Flood Insurance Program is having trouble, and has been struggling to overcome financial turmoil since 2005’s Hurricane Katrina. In June of this year, Congress approved an expansive overhaul of the program, which extended its lifespan for another five years and closed numerous loopholes that have led to the…

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Flood insurance has new risks ahead

H. Cutner
Flood Insurance

This federal program is already on shaky legs, but is facing even greater strains. The National Flood Insurance Program has never recovered from falling into $18 billion of debt after Hurricane Katrina in 2005, and now it is headed back toward a position where its funds are running slim as the massive reconstruction effort after Sandy begin. Estimates at this point are saying that the superstorm could lead to the second highest bill for the program. Federal flood insurance claims will likely be second only to Katrina, as 115,000 have…

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Flood insurance downfalls revealed following superstorms on the east coast

Julie Campbell
Flood Insurance Hurricane Sandy Jersey Shore

The damage, destruction, and devastation from Sandy revealed many flaws in the national program. The catastrophe and chaos that has been left behind on the Jersey Shore and other areas on the east coast is now being called a direct reflection of some of the many failings of the current flood insurance program and is drawing attention to issues that may be on the rise in the near and long term future due to climate change. The storm surge from the most recent superstorm came inland as far as half…

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Flood insurance records show Sandy is third largest

Julie Campbell
Inusrance Industry Hurricane Sandy

The Superstorm off the Atlantic is predicted to be less expensive than only Hurricanes Katrina and Ike. The damage caused by Superstorm Sandy is now predicted to be the third most expensive faced by the National Flood Insurance Program in the United States, and will have the largest amount of cost outside of the Gulf Coast region of the country. The states that were hardest hit include New York and New Jersey. According to Bloomberg Government’s BGOV Barometer, those two states are covered for nearly $100 million in flood insurance,…

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National Flood Insurance Program reauthorization by White House to benefit home builders

Disability Insurance

Construction workers see a solid employment future with the signing of the bill. The National Flood Insurance Program’s (NFIP) signing by the White House has brought only good news to the National Association of Home Builders (NAHB) and its members, as they depend on that program for their jobs. The reauthorization of the program over the next five years and keep construction workers employed. The bill was signed with strong support from both Barbra Boxer, the Democratic leader, and Oklahoma Republican James Inhofe. According to President Obama, “This bill will…

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