Tag: flood insurance program

Congress considers 17 changes to flood insurance program

Marc
Flood insurance - Home Floating in Water - Changes

The proposed changes are expected to reduce the cost of coverage to low-income homeowners. Low-income homeowners stand to pay less for coverage under the National Flood Insurance Program (NFIP) if the Federal Emergency Management Administration’s (FEMA) proposed 17 changes are implemented. NFIP has been struggling with its finances amid more frequent and severe storms due to climate change. FEMA is seeking to create a more thinly spread risk by drawing more property owners to purchase flood insurance policies. The agency’s goal is to implement a number of changes in federal…

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Flood insurance program risks expiry (again) as hurricane season starts

Julie Campbell
Standard homeowners insurance policy may not cover short term rental damage

Seven million homes are at risk of damage from Atlantic storms and coverage may be up in the air again. After already facing a named storm this year, the flood insurance program is back in the spotlight. Yet again, after the disaster – both left behind by weather and in the expiration of the program – in 2017, the coverage program is due to expire. Last year brought record-breaking damages from natural disasters and the full totals aren’t in yet. This year, Americans are feeling less confident about their safety…

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John Oliver describes Flood Insurance Program failures via talking seagull

Julie Campbell
John Oliver Last Week Tonight Flood Insurance Program

As hurricanes and flooding becomes increasingly problematic Oliver brought NFIP into the spotlight. The most recent episode of HBO’s Last Week Tonight with John Oliver focused on the National Flood Insurance Program (NFIP), and its current widespread failings. This episode arrived at a time in which the issue is exceptionally relevant but isn’t necessarily in the public’s eye. NFIP is struggling from all sides and is in dire need of reform at the same time that floods plague the country. “Floods were everywhere this summer,” explained Oliver. Although they may…

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Flood insurance program cuts may pay for Trump’s Mexican border wall

Nordstrom
California insurance industry - flood program

Funding reductions to the Federal Emergency Management Agency (FEMA) may divert cash to cover the wall. Reports published by Politico and the Washington Post based on internal budget documents they recently obtained could mean money from the flood insurance program will be diverted to cover President Trump’s border wall between the United States and Mexico. This could mean that, when all is said and done, coastal states may end up paying for a chunk of the wall’s cost. The reports found that the Federal Emergency Management Agency (FEMA), which is…

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National Flood Insurance Program provides homeowners with helpful tips

G. Turner
national Flood Insurance program tips

In response to the flooding in Illinois and Missouri, the NFIP has offered advice with regards to what can be done. The National Flood Insurance Program has recently responded to the damaging flooding in Illinois and Missouri and, as a part of this effort, it has issued a list of tips to people who have been affected by the rising waters in order to provide them with recommendations with regards to what they should be doing both during and after the floods. Officials from NFIP want to improve education about…

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Flood insurance policy ownership plummets in California

Julie Campbell
flood insurance policies

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…

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National Flood Insurance Program continues to struggle from financial losses

S.Vagus
flood insurance rates

10 years after Hurricane Katrina, federal program is still financially crippled More than 10 years have passed since Hurricane Katrina hit the United States, and many homeowners are still reeling from the damage caused by the catastrophe. Homeowners faced one of the most expensive disasters in the history of the country and its insurance industry, with some $80 billion in losses, with another $16.1 billion in flood insurance claims. The hurricane, as well as other storms that hit the country between 2008 and 2012, caused serious problems to the National…

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