Live Insurance News

FEMA unveils NFIP Risk Rating 2.0 with potential for cheaper flood insurance

April 5, 2021April 2, 2021 Nordstrom

NFIP Risk Rating 2.0 - Piggy Bank - Savings

The Federal Emergency Management Agency is promising reduced rates for its policyholders. The Federal Emergency Management Agency (FEMA) has unveiled its NFIP Risk Rating 2.0 pricing strategy. This is an update to the way it calculates its National Flood Insurance Program rates for its 5 million policyholders. FEMA promises that many homeowners will see a reduction in their premiums. The new NFIP Risk Rating 2.0 strategy will mean that about two out of every three older homes will see a reduction in their premiums, according to FEMA. At the same…

Florida flood insurance rates are on the rise in April

April 2, 2018April 1, 2018 G. Turner

National Flood Insurance Program - Flooding on road

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

Flood insurance premiums rise and will likely continue rising

April 11, 2017April 7, 2017 G. Turner

Homeowners seeking to purchase coverage against overland flooding will be paying more as of this month. Changes that took effect on April 1 are sending flood insurance premiums skyward. This applies to homeowners who already have coverage against flooding as well as those who are buying it for the first time. National Flood Insurance Program rates rose by an average of approximately 6 percent this month. As a result, the average annual flood insurance premiums are now around $878. This doesn’t include a number of different types of surcharge which…

Businesses want a better flood insurance program

May 7, 2015May 5, 2015 Nordstrom

Business leaders call for improvements to the National Flood Insurance Program Business leaders in Louisiana want to see flood insurance rate hikes reined in throughout the region. A coalition of businesses from the construction and real estate industries attended a meeting at the University of New Orleans where they shared their thoughts concerning the National Flood Insurance Program with lawmakers. The federal program offers flood insurance coverage to homeowners and businesses, but the program has been struggling with financial problems for years. As such, rates for policies offered through the…

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 in Florida significantly reduced by Lloyd’s of London

April 22, 2014April 19, 2014 H. Cutner

The massive marketplace is now showing quotes that are notably lower than NFIP. In recent news that is quite different from what Florida is used to hearing, it could be that flood insurance rates are actually falling and becoming more affordable, as private insurers start to make their way into this marketplace. Consumers who have been shocked by the increases by NFIP are finding relief in new quotes. The National Flood insurance Program (NFIP), which is a part of FEMA, is now quoting rates that are significantly higher than what…

Flood insurance reforms may be missing the mark

April 2, 2014March 31, 2014 Marc

Homeowners are finding that their flood protection costs are increasing rapidly Reforms to the National Flood Insurance Program have been passed, but these changes may have little impact on the actual cost of flood protection in many parts of the U.S. The reforms were meant to limit the rate at which flood protection becomes more expensive, but homeowners in many parts of the country could face “extreme costs” when it comes to their coverage in the coming months. In Winona County, Minnesota, for instance, homeowners are being told to brace…