Tag: flood insurance rates

Flood insurance program changes could increase rates

H. Cutner
Flood Insurance

The national program will be facing some alterations and this could impact the amount paid for coverage. As today is the official start of the hurricane season and homeowners are being cautioned that there are some changes that are on the way for the National Flood Insurance program (NFIP) because it could impact the rates that they are paying. This is especially true in areas of considerably higher risk, such as in the South of Florida. The flood insurance claims that came swamping in following Superstorm Sandy made FEMA have…

Read More

Flood insurance legislation filed by U.S. Senator

H. Cutner
flood insurance rates

The goal is to delay the rate hikes for the coverage to help businesses and residents prepare. This week, U.S. Senator Mary Landrieu (D-Louisiana) has filed legislation with the purpose of delaying increases in flood insurance premiums in order to help to provide homeowners and businesses to deal with the current repairs from previous damage and then prepare for the higher costs that they will be facing to continue their coverage. Officials feel that the cost of these policies could skyrocket in many areas before the end of the year.…

Read More

Flood insurance cost increase delay sought by senators

H. Cutner
Flood Insurance and reinsurance

Following the struggles that have been brought about by Superstorm Sandy, higher rates could be crippling. According to Senator Robert Menendez, choosing to increase the rates for flood insurance at the moment could be highly damaging to the residents of New York and New Jersey, who are still struggling to rebuild their homes and businesses after they were demolished by Superstorm Sandy. The victims of the storm are already coping with the new flooding zone maps that often require changes. The rebuilding has already led to increased costs as many…

Read More

Flood insurance rates to spike this year

Logan B.
Flood homeowners Insurance Rates raising homes

Flood insurance rates are set to rise throughout the US Flood insurance throughout the U.S. is expected to become costlier as legislation passed last year concerning the National Flood Insurance Program comes to fruition. The legislation was designed to address the several, severe financial problems that the flood insurance program has faced over the past several years. The program first began experiencing these troubles in the wake of Hurricane Katrina. The storm dealt such a powerful blow that the federal program has not yet recovered. Ensuing years of floods throughout…

Read More

Flood insurance could become too expensive for South Mississippi residents

H. Cutner
Flood Insurance

Some in the area could find that the premiums are simply too high to be able to afford it. According to Coast officials in Mississippi, the increases to the flood insurance rates could lead to financial disaster for some residents living in areas that are at a higher risk of flooding. Many are worried that the impact of this change will be a considerable one, and won’t just affect one or two. According to the planning director of Jackson County, Michele Coats, “I think it’s going to be huge.” Coats…

Read More

This week in Insurance News Headlines

S.Vagus
insurance news video

Live Insurance News Video – This week in the headlines…   Stories we covered in today’s headlines along with notes and highlights… Title: Consumer satisfaction in homeowners insurance sector continues to climb  Insurance agents will be happy to hear that the latest report in from J.D. Powers makes note of consumers satisfaction is higher than ever when a claim is reported to the agent first opposed to them  being redirected to the insurance company. The study shows that consumer satisfaction is climbing despite the problems that recent natural disasters have…

Read More

FEMA prepares consumers for higher flood insurance rates

Logan B.
flood insurance rates

FEMA working to raise flood insurance rates Despite the controversy surrounding this particular issue, the Federal Emergency Management Agency continued work to prepare customers of the National Flood Insurance Program for higher premiums in the near future. The agency has been making revisions to the flood maps that are used to categorize properties and designate regions of the U.S. that are prone to catastrophic flooding. In some states, lawmakers have been able to convince the agency to back down from making aggressive revisions to its flood maps, thereby introducing only…

Read More