Residents of Mississippi are in danger of losing their flood insurance if state legislators do not take action on a particular law. The state was put on notice by the Federal Emergency Management Agency late last week because one of the state’s laws makes hunting and fishing camps exempt from the building codes that govern the flood prone areas of the state. FEMA claims that if the issue is not resolved by May 5th, those receiving coverage through the National Flood Insurance Program will see their policies canceled. According to…
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Maine insurance regulators urging consumers to purchase flood insurance before the stormy season begins
The Maine Floodplain Management Program, a state-run initiative that works in tandem with the National Flood Insurance Program, is urging state residents to purchase flood insurance before the stormy season gains momentum. According to state regulators, floods in Maine are often the result of coastal storms that happen near the beginning of spring and during the hurricane season later in the year. Regulators note that while flood insurance is often very affordable, few consumers have policies because they do not think that such disasters will happen to them. March and…
Read MoreArmy Corps of Engineers warns that last year’s floods could spur yet more damage along the Mississippi River this year
Last year’s record breaking floods along the Mississippi River could put a significant amount of people in danger of similar events this year, according to the Army Corps of Engineers. The events of last year have dealt a significant amount of damage to protective structures that block floods, such as levees and overflow channels. The communities that were affected by these events last year will be notified of the Army Corps of Engineers concerns in February. The Corps has identified several places where floods could be a major problem this…
Read MoreFEMA tours North Dakota to promote flood insurance awareness
Flood insurance continues to be a major issue for consumers and insurers alike. The outlook for the National Flood Insurance Program is bleak as federal legislators continue, without success, to fix the debt-riddled program. In an effort to raise awareness of the issue, FEMA, along with officials from the federal government, has embarked on a tour through one of the states most at risk of flooding events: North Dakota. The tour began in North Dakota on January 23 and will come to an end on January 26. During the first…
Read MoreCongress extends the life of NFIP, but no clear solution is yet in sight
Federal legislators rules late last week to extend the lifetime of the National Flood Insurance Program (NFIP) until May 31, 2012. The program had been scheduled to expire at midnight on December 23, which would have caused millions to lose their flood insurance. The Independent Insurance Agents & Brokers of America has praised the extension granted to NFIP, though the program still suffers under the weight of massive debt that threatens its ultimate longevity. For now, the program is safe, but legislators still need to tackle the financial issues that…
Read MoreSome Lafayette parish residents will see a lower flood insurance rate
The Federal Emergency Management Agency has announced that some of the residents of Lafayette Parish and its incorporated parts will see a drop in their flood insurance premiums by up to 10 percent. The reason for the savings is that the Lafayette Consolidated Government is now taking an active role in the Community Rating System for the National Flood Insurance Program. This means that business and homeowners, as well as renters in Lafayette city and the unincorporated areas of Lafayette Parish may qualify for a decrease of between five and…
Read MoreFEMA to update flood maps for Florida by 2012 hurricane season
FEMA has begun updated its flood maps for the state of Florida and the new maps will be put into effect before the 2012 hurricane season. The maps determine what properties are at risk of flooding in the event of a natural disaster or severe storm. Insurers rely on these maps and the risk they place on certain regions to price insurance coverage. Typically, areas that are classified as high risk are required to have some form of flood insurance protection. Collier County will have the most drastic change next…
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