Live Insurance News

House Republicans pass flood insurance bill to overhaul NFIP

November 16, 2017November 15, 2017 Nordstrom

Bipartisan opposition was overcome and the bill was passed to continue helping policyholders at risk of flooding. A controversial flood insurance bill has been passed in the House as Republicans overcame bipartisan opposition. This legislation will both reauthorize and overhaul the National Flood Insurance Program (NFIP). The program is currently facing considerable strain following a highly active hurricane season. NFIP was forced to pay billions of dollars to policyholders this year after several hurricanes made landfall in the United States. The House passed the flood insurance bill in a vote…

Home flood insurance for high risk properties may be cancelled

October 3, 2016September 30, 2016 Marc

Congress is currently looking at the National Flood Insurance Program and coverage for troublesome locations. The United States Congress may soon take the axe to home flood insurance coverage for properties that are regularly flooded. It is looking specifically at the way communities deal with some of the properties that flood the most. They are the locations that make the most frequent National Flood Insurance Program (NFIP) claims and receive the most payouts. New bipartisan legislation could require communities to handle repeated loss patterns from flooding. The existence of home…

Flood insurance bill is now a law with Obama’s signature

March 24, 2014March 24, 2014 G. Turner

The President has now signed the long awaited and fought for legislation to help to keep coverage affordable. President Barack Obama officially added his signature to the hard fought legislation, turning the flood insurance bill into a law and making certain that the increases in premiums would not rise by any more than 18 percent per year. This was not legislation that came about easily or without considerable controversy. Senator Mary Landrieu (D – Louisiana), was among the bill’s most vocal and adamant supporters. She received a call early in…

Flood insurance bill is now in the President’s hands

March 17, 2014March 15, 2014 G. Turner

After having cleared Congress last Thursday, Obama is now set to sign this bill to provide relief to homeowners. President Barack Obama now has the flood insurance bill in front of him, waiting to be signed, in order to provide homeowners within higher risk neighborhoods with some relief from what could have been massive increases to their coverage premiums. This legislation, when signed, will reverse a large portion of the 2012 NFIP overhaul. The changes to the National Flood Insurance Program (NFIP) had considerable support at the time that the…

Flood insurance rate hike delay voted through by Senate

February 3, 2014February 1, 2014 G. Turner

As was predicted, the United States Senate has now given their approval to hold back the rising prices. Many states, particularly those with coastlines, have been expressing outrage from their homeowners as flood insurance rates have been threatening to skyrocket as a result of a law that would have forced the increases. However, the Senate has now passed a bill that would stop some of the law’s increase forcing elements. The flood insurance bill was passed with a vote of 67 to 32. This was a direct result of a…

Lawmakers approve flood insurance legislation delaying rate increases

January 22, 2014January 20, 2014 S.Vagus

Rate increases to be delayed until 2015 Federal lawmakers in the U.S. have approved legislation that will delay any large flood insurance rate increase throughout the country until 2015. This is being considered a major victory for homeowners in states like Florida and Louisiana, where flood coverage was quickly becoming impossible to afford. The approval of this legislation comes after several months of homeowners and businesses pressuring lawmakers to take action on the issue of flood insurance coverage. Lawmakers were not expected to take action on the issue until much…

Some could avoid flood insurance rate hikes in the US

July 22, 2013July 20, 2013 S.Vagus

New measure could provide reprieve from flood insurance rate increases Hundreds of thousands of homeowners in the U.S. could be facing higher flood insurance costs due to legislation that was passed last year. Earlier this week, however, a measure was introduced to the Senate that could give homeowners as much as a one-year reprieve from higher flood insurance rates. The measure has managed to gain strong support from legislators who believe it is in the best interests of consumers, many of whom have been suffering from the financial pressures associated…