Tag: flood prone areas

Why FEMA’s Flood Insurance Program Is Making Headlines Again

G. Turner
FEMA’s Flood Insurance Program

Senate Bill to Extend the National Flood Insurance Program Until 2027: A Game Changer for Flood-Plagued Communities Understanding the shifting landscape of federal flood insurance can feel like deciphering a complex puzzle. But for millions of homeowners living in flood-prone areas, clarity may finally be on the horizon. A newly proposed Senate bill seeks to extend the National Flood Insurance Program (NFIP) through December 31, 2026. This legislation would bring an end to the exhausting cycle of short-term extensions that have burdened the program for years. Here’s why this matters…

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North Carolina’s Biggest Insurance Hike in Years

G. Turner
North Carolina Home Insurance

North Carolina Homeowners Face Rising Insurance Premiums Amid Settlement Agreement North Carolina homeowners will soon see their insurance premiums rise following a recently announced settlement between the state Insurance Department and the insurance industry. The increase will be gradual, averaging 15% statewide by mid-2026. While the new rates are lower than what the industry initially proposed, the settlement demonstrates the growing pressures on insurers as they deal with inflation, costly natural disasters, and other challenges. Understanding the Settlement and Its Impact on Homeowners The settlement reduces what could have been…

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Realtors pressure Congress to reform the National Flood Insurance Program

Realtors have raised an alarm regarding flood insurance. Flood insurance is currently a major, yet little known issue in the U.S. Most homes do not have protection against flood damage and those homes that are required to have such protections as per their mortgage agreements obtain this coverage through the National Flood Insurance Program (NFIP). The federal program has been crippled by debt, however, making its future uncertain. If the program does fail, realtors from the National Association of Realtors fear that the still-fragile housing market may not survive the…

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Storms raging in the Southeastern U.S. may put heavy burden on those without flood insurance

Tropical Storm Lee is making its way through the Southeastern U.S. bringing torrents of rain and the fear of widespread flooding. On its heels is Hurricane Katia, which has forecasters baffled as to where it will be heading. Lee made landfall over the weekend, inundating Florida, Georgia, Mississippi and parts of Louisiana with water. The storm will put strain on an insurance industry that is already reeling from the passing of Hurricane Irene last week and has many worried whether the industry can handle another flood disaster. Flood insurance is…

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Politicians demand for flood peril to be defined by insurance companies

Nordstrom
Politicians demand for flood peril to be defined by insurance companies

Insurers in Australia have been confronted with their share of controversy since the floods in Queensland and are now hard pressed to come up with answers. The Minister of Employment and Economic Development, Andrew Fraser, states there is no obvious difference in damages caused by storm, flash flooding or riverine flooding, and that the clean-up after such damages is indistinguishable. He takes issue with the fact that many insurance policies can draft clear definitions regarding the damage. The issue lies in many insurers refusing, or being unable, to pay for…

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