Live Insurance News

Florida may become home for private flood insurance

February 11, 2014February 8, 2014 Logan B.

Florida lawmakers seek to open up the market to private insurers Flood insurance rates may remain stable in the U.S. for a time as federal lawmakers begin investigating ways to reform the federal program that provides flood protection, but many homeowners are still concerned about the financial impact of flood coverage and the federal program’s ability to actually honor the policies it represents. The National Flood Insurance Program is currently crippled by massive debt. While the program has been able to pay claims thanks to the support of emergency spending…

Flood insurance rate hikes set to hit Florida

January 20, 2014January 18, 2014 S.Vagus

Florida homeowners are preparing for major rate hikes as federal law’s provisions go active Florida homeowners are bracing themselves for a major increase in their flood insurance rates. Provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 are set to take effect in the coming weeks and this will involve a major spike in insurance premiums. The law is meant to address the financial issues that have plagued the National Flood Insurance Program for the past several years. The federal program accounts for the vast majority of flood protection…

Flood insurance prices may ease for Tampa Bay homeowners

November 27, 2013November 25, 2013 H. Cutner

Residents of the area had been expected to pay up to ten times more for coverage, but this may not be the case. Homeowners living in the Tampa Bay area who were feeling increasing concern about flood insurance prices that could soon be skyrocketing may now be breathing a great deal easier with the chance that relief may be on its way. Over the last few months, the cost of this type of coverage was sent skyward in the region. Homeowners found themselves facing flood insurance bills that they couldn’t…

Flood insurance program changes could increase rates

June 1, 2013May 30, 2013 H. Cutner

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…

Flood insurance policies recommended to Florida residents before hurricanes begin

April 26, 2013April 24, 2013 H. Cutner

Homeowners are urged to purchase their protection ahead of potential flooding problems. Kevin McCarty, the commissioner for Florida, has released an official announcement that is urging homeowners in the state prepare for the upcoming hurricane season through the purchase of flood insurance before the storms start to arrive. The last few years have shown the weather to be fierce and unpredictable, so it is best to be prepared. Flood insurance coverage is available to business owners, homeowners, and renters through the National Flood Insurance Program (NFIP) to communities that are…

Insurance News: SmarterSafer.org Urges Congress to Oppose Yet Another Beach House Bailout

March 15, 2013April 21, 2014 Guest Author

Florida Insurance News - Citizens insurance

Flood Insurance News… PRESS RELEASE: (Washington, DC) — SmarterSafer.org today said they oppose reintroduction of legislation by Rep. Albio Sires (D-NJ) that would create a national catastrophe fund because it would put taxpayers on the hook for billions of dollars in losses, encourage risky development in environmentally sensitive areas, and do nothing to protect people and property in harm’s way. “A federal backstop for disaster insurance replaces private-sector insurance with the American taxpayer,” said SmarterSafer.org. “It is a ‘Beach House Bailout’ that would displace private property and casualty insurance with…

Florida Catastrophe Fund may be out of money

October 9, 2012 S.Vagus

Florida Catastrophe Fund facing serious financial troubles It is no secret that Florida is prone to hurricanes and flooding disasters. This is one of the reasons many property insurers have chosen not to offer coverage in some parts of the state. In 2010 and 2011, Florida was pummeled by powerful storms that caused widespread damage to homes and businesses. Because many insurers were not liable to pay claims associated with damage they do not cover, consumers had to turn to the Florida Catastrophe Fund. Now, information is coming to light…