A major hurricane has not made landfall on U.S. soil since 2008, but Hurricane Irene has broken that period of peace. As the first real hurricane of a supposedly active season, Irene seems to be making up for lost time. The storm has already reached Category 3 and is expected to reach the Carolina’s by Thursday. The hurricane will continue moving north, making its way through Long Island, New York and other states. The coming storm has raised concerns regarding insurance coverage as many come to the dire realization that…
Read MoreTag: flood insurance rates
New FEMA flood maps may lower insurance rates, homeowners will have to wait a year to find out
Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…
Read MoreFEMA warns of flooding and last minute insurance may be too late
Hurricane season has arrived and there have already been reports of a hurricane raging in the Pacific. Early Friday, the National Hurricane Center announced that tropical storm Adrian had graduated to a full-fledged hurricane and was heading toward land. It is expected to reach the coasts of Mexico within the next day. On the other side of the country, in the Gulf Coast, concerns are rising as to what disasters this season could bring. Along the Mississippi River, the danger of flooding due to storms is all too real. Storms…
Read MoreVirginia homeowners urged to review insurance for items not covered this hurricane season
Virginia state insurance regulators are cautioning homeowners to review their policies as the hurricane season begins. Regulators note that several insurance policies include deductibles for wind damage caused by hurricanes, but many others do not. This disparity leads to lapses in coverage that are prevalent throughout the state. The State Corporation Commission says that even if homes are protected against wind damage, there is still the possibility of water damage. Regulators assert that the majority of hurricane losses stem from flood damage. The majority of property insurance policies available in…
Read MoreWhat to expect from newly designed flood insurance program
The House Financial Services Committee unanimously approved to extend the National Flood Insurance Program (NFIP) for another five years. Financial reforms will also be established in an attempt to get the debt burdened program back on solid financial ground. The NFIP was created by Congress in 1968. It was intended to provide an insurance alternative to disaster assistance, to help meet skyrocketing costs of repair and replacement of homes and contents damaged by floods. As of last year, more than 5.5 million homes were insured by the NFIP. The National…
Read MoreSeveral rally to keep government flood program intact
Record flooding has put Mississippi in a state of disarray. The extent of flood damage is proof enough of the importance of insurance coverage, says the state’s Insurance Commissioner, Mike Chaney. Spurred by the flooding, Chaney is petitioning Congress to renew the National Flood Insurance Program (NFIP) for another 5 years. Chaney argues that Mississippi residents relying on the program for coverage should not have to worry about their only means of protection disappearing. Several other Insurance Commissioners from across the country have joined in support of the continuance of…
Read MoreThe National Flood Insurance Program at a crossroads
As the waters of the Mississippi River swell beyond their banks, expectations on the overall cost of damages are nearing $2 billion, according to insurance officials. The National Flood Insurance Program (NFIP), the archaic insurance initiative installed by Congress in 1968, is likely to bear the majority of the financial burden. However, the program is already well into the red and the nation can ill afford to support the programs continued spiral into debt. The fate of the program now lies in the hands of the U.S. Congress. On Thursday,…
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