Live Insurance News

Canadians wrongly feel they have flood insurance with their homeowners policies

February 26, 2016February 24, 2016 Julie Campbell

A recent study has found that 65 percent of people in that country believe they have protection they don’t. A recent survey conducted by Square One has determined that among the 1,500 Canadian participants, 65 percent erroneously believed that they had flood insurance included within their homeowners policies. This misconception about the coverage was more common in some provinces than it was in others. For instance, homeowners insurance customers living in Manitoba were the most likely to think they were protected against overland flooding. Equally, those in Saskatchewan were the…

Californians should purchase flood insurance, says FEMA

October 27, 2015October 25, 2015 H. Cutner

The Federal Emergency Management Agency says residents of the state need the coverage ahead of El Nino this winter. Officials from FEMA have been urging residents of California to buy flood insurance to cover their homes against damage from rising waters that are very likely in some areas this winter as it is predicted that there will be a strong El Nino. FEMA is advising Californians to purchase these policies regardless of whether they are in the highest risk areas. In fact, the recommendation for purchasing flood insurance has been…

Flood insurance policy ownership plummets in California

September 11, 2015September 10, 2015 Julie Campbell

Due to the ongoing droughts, Californians just don’t see the reason to pay for this coverage. As both state and local officials have now been saying that the droughts that California has been facing may, in fact, be a “new normal” for the state, flood insurance ownership has fallen by 12 percent. An estimated 30,000 insurance policies have been cancelled as they are no longer viewed as worth the price. The decrease by 12 percent has happened from 2012 until now. The reason is that the reduction in rainfall and…

Agents see surge in interest regarding flood insurance

June 29, 2015June 27, 2015 S.Vagus

Consumers are becoming more interested in flood protection Agents are making note of a surge in flood insurance sales as homeowners seek protection from disastrous events. Recent storms have caused floods in several parts of the country, and many people affected by these disasters have learned that their homeowners insurance policies do not offer the protection they need. Most typical homeowners policies do not offer flood protection, which can only be found through the National Flood Insurance Program, managed by the Federal Emergency Management Agency. Homeowners may be too slow…

FEMA to review rejected flood insurance claims

June 4, 2015June 2, 2015 S.Vagus

FEMA will be reviewing claims associated with Hurricane Sandy The Federal Emergency Management Agency (FEMA) has announced that it will begin reviewing flood insurance games that are related to Hurricane Sandy. In late October of 2012, a powerful storm struck the eastern United States, causing severe damage to properties with its strong winds. The majority of the damage caused by the storm came from flooding, however, and many homeowners found themselves in a difficult situation due to their lack of flood insurance coverage. Homeowners find that their policies do not…

Flood insurance refunds coming to policyholders

October 6, 2014October 4, 2014 S.Vagus

FEMA has announced that refunds will be issued for consumers covered by flood protection The Federal Emergency Management Agency has announced that refunds for those that have overpaid their flood insurance premiums will begin being delivered this week. These refunds are part of federal action that has modified a law that was enacted in 2012. The law had initially put an end to subsidies being offered by the federal government, but revisions to the law have reinstated these subsidies, and has also authorized the issuance of refunds from the Federal…

Flood insurance isn’t protecting most homeowners in Arizona

September 17, 2014September 15, 2014 Julie Campbell

The majority of property owners in the state do not have this coverage, but some are starting to change their minds. The majority of homeowners across Arizona have been learning an important lesson about flood insurance over the last few weeks as they discover that this protection is not included as a part of the standard home policy. After the recent downpours, it is still likely that most Arizonans won’t buy the coverage, but some will. Many homeowners are hopeful – and quite expect – that if something should happen,…