Live Insurance News

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 rates set to rise

March 12, 2015March 11, 2015 Logan B.

Homeowners and businesses will see an increase in their coverage costs Flood insurance rates are expected to rise soon, with homeowners in risk-prone areas being hit the hardest by the increase. While flood protection costs have been mitigated for a time, higher rates were inevitable in order to ensure that the National Flood Insurance Program from its financial problems. Per the provisions of the Flood Insurance Affordability Act, which had initially halted the rise in insurance premiums, new surcharges will be issued on properties with flood protection. Primary residences will…

Flood insurance rates still rising, regardless of law reforms

March 26, 2014March 24, 2014 G. Turner

Even with the overhaul of the federal program, the prices homeowners will pay will still be higher. Millions of homeowners across the country were breathing a sigh of relief when the flood insurance law was reformed in order to bring down some of the skyrocketing rates for that coverage, but many continue to face much higher premiums than they have seen in previous years. The rising cost of this coverage may not be as high for some homeowners as expected, but it’s still going up. The subsidies through the National…

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 premiums may lead to partial law repeal

March 3, 2014March 3, 2014 G. Turner

FEMA’s program regulations will be subject to a vote in the house as early as this week. The 2012 law that reformed the National Flood Insurance Program, which is suffering from an overwhelming amount of debt that has no end in sight, will be facing a vote as early as this week, which could partially repeal the regulations that have been put in to place – and more that would have been on their way. The law was designed to make it so that individuals living in higher risk areas…

US lawmakers may be ready to fix flood insurance

February 19, 2014February 17, 2014 Marc

Federal insurance program continues to struggled beneath massive debt The U.S. Congress may be ready to finally find a solution to the problems that have crippled the National Flood Insurance Program. The program has been the only place that homeowners could find flood protection for several years, but the program itself has struggled under financial strain for nearly as long as it has existed. After being hit by several powerful natural disasters, the insurance program is currently more than $27 billion in debt, which has affected its ability to pay…