Tag: flood insurance rates

Flood insurance in New Orleans expected to rise

S.Vagus
New Orleans Flood Insurance

FEMA maps could make flood insurance more expensive in New Orleans The U.S. Federal Emergency Management Agency (FEMA) has been making revisions to its national flood maps over the past several months. The agency notes that making changes to its existing flood maps is necessary due to environmental concerns and how changes in climate are affecting portions of the U.S. In some parts of the country, rising sea levels are exposing citizens to risks associated with floods. Powerful storms have also been causing widespread flooding, as was the case with…

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Flood insurance rate hike opposed by congressmen

G. Turner
flood insurance rates

Several have called for a delay to the increase in the premiums for coverage against floodwater damage. A growing number of congressmen are now working together to help to delay the increases in flood insurance rates for victims of Superstorm Sandy through the introduction of a new bill. The congressmen were working together to introduce the bill to boost the timeline before the increases. So far, the congressmen involved in the introduction of the Flood Victim Premium Relief Act 2013 (H.R. 960) include Congressmen Michael Grimm and Gregory Meeks, who…

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Flood insurance premiums in Kansas are on the rise

Flood Insurance

Poorly constructed levees cause rise in flood insurance coverage Residents of Topeka, Kansas, could be paying more for their flood insurance policies due to poorly designed levees along the Kansas River, which may also be keeping many businesses from coming to the city. These levees were built between the 1950s and 1960s, when it was considered an adequate construction practice to include wooden parts into the levees themselves. Within a decade of their construction, these wooden parts began to rot due to their exposure to water, thus making the levees…

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Flood insurance premiums will be on the rise for many in 2013

H. Cutner
Flood Insurance

Homeowners in New Jersey are finding that it may not be long before the cost of flooding coverage increases. The Federal Emergency Management Authority (FEMA) held a meeting on January 10, 2013, which was attended by leaders and representatives from local municipalities from New Jersey, at which they were informed that the owners of non-primary residences that were constructed before 1968 would soon see a whopping 25 percent increase to their flood insurance premiums. The rate increase was set to become effective as of January 1 in order to offset…

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Homeowners are reminded that springtime means flood insurance

Julie Campbell

With the official start of spring, while many homeowners are seeing that the dry conditions over the winter have reduced the risk of flooding, the Insurance Information Institute is reminding them that throughout the springtime, the flooding risk still remains high due to hurricanes, heavy rains, and other types of catastrophes. Homeowners, home renters, and business owners should all consider purchasing a policy that will protect them from flood, or renewing one that they have already had, to ensure that there isn’t a gap in their coverage. In the United…

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Newly mapped FEMA flood plain requires some Michigan residents to purchase coverage

Certain residents of Michigan have recently received letters from their mortgage companies, informing them that they will be required to purchase flood insurance, or that coverage will be bought on their behalf. This is the result of a newly mapped flood plain by the Federal Emergency Management Agency (FEMA) and affects the residents of the Frank and Poet Drain, who are currently in an uproar over the sudden cost. Since February 2012, when the new Flood Insurance Rate Maps (FIRMs) went into effect, there has been a much larger area…

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Many U.K. homeowners may not be able to obtain flood insurance by 2014

H. Cutner

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

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