Live Insurance News

California Insurance Commissioner Lara warns consumers of flood insurance fraud

February 7, 2024February 6, 2024 G. Turner

As San Diego County started its clean-up efforts, residents are warned of dubious companies preying on victims. Flood insurance claims are up in San Diego, where hundreds of properties and vehicles were damaged and destroyed by recent flooding, but California Insurance Commissioner Ricardo Lara has placed his department on alert for fraud and other illegal activities targeting the victims of the flooding. The Department is already receiving reports that consumers claim public adjusters have been contacting them. Immediately after the recent floods, some home and business owners say they were…

FEMA announces 120-day NFIP grace period for flood policy renewals

April 1, 2020March 31, 2020 Marc

The Federal Emergency Management Agency is lengthening this time from having been 30 days. The Federal Emergency Management Agency (FEMA) has announced the extension of the NFIP grace period for flood insurance policy renewals to 120 days. The National Flood Insurance Program’s limit used to be thirty days. The reason the NFIP grace period length has changed is that FEMA is aiming to provide customers with relief at the moment. It acknowledges that many people are struggling with financial hardships from the coronavirus pandemic. Therefore, the extension is meant to…

Buy flood insurance now as opposed to waiting, says FEMA

June 21, 2019June 20, 2019 G. Turner

Buy Flood Insurance - Flood Waters - Caution sign

The Federal Emergency Management Agency is telling people not to delay before purchasing coverage. FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage. The policies to which FEMA referred are through the National Flood Insurance Program. Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a…

New FEMA maps may lead to more flood insurance policy sales

November 16, 2016November 14, 2016 G. Turner

A higher number of homeowners may soon find themselves being required to purchase coverage. In Tennessee, many homeowners who have never had to purchase a flood insurance policy before might find that situation changing. The Federal Emergency Management Agency (FEMA) has updated its flood maps and in certain counties, this has meant considerable change. For instance, in Davidson county, Tennessee, over 4,400 properties are newly considered to be in high risk zones. This means that thousands of property owners are also finding themselves in need of a flood insurance policy…

West Virginia flood insurance rare despite increased risk

July 15, 2016July 13, 2016 G. Turner

The vast majority of homeowners don’t have coverage against the most expensive type of natural disaster. West Virginia flood insurance has yet to become commonplace in that market. That is problematic when taking into account the fact that flooding is the fastest growing form of natural disaster. Moreover, it is also the most costly form of natural disaster in the state. In the majority of West Virginia counties, not even one percent of households have this insurance coverage. Not even a month after deadly flooding struck a great deal of…

Flood insurance companies in France could face over $2 billion in losses

June 8, 2016June 6, 2016 Julie Campbell

France flood insurance companies - Seine June 2016

The rising Seine River has caused water to rush overland and this flooding is expected to be very costly. The government of France has declared the flooding of the Seine to be a national disaster today, which has laid the path for flood insurance companies to begin the process for claims filings and payments for their policyholders. The Seine River has started to recede after having reached its highest level, making assessments possible. Flood insurance companies met with the French government this week to help to assess the damage left…

Flood insurance premiums to grow in the US

April 8, 2016April 6, 2016 S.Vagus

Homeowners will face higher flood premiums as of April 1 Flood insurance premiums in the United States are set to spike on April 1. Those with coverage through the National Flood Insurance Program (NFIP) will see higher rates as the program continues to recover from its massive $24 billion debt. Much of the debt came in the wake of Hurricane Katrina and Hurricane Sandy. These two disasters caused significant financial damage, which NFIP has been unable to recover from despite action taken by Congress. Consumers believe higher rates may be…