Tag: home flood insurance

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…

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Flood insurance risk maps recreated by FEMA for Hampden County

Julie Campbell
Flood Insurance

This will change the rates that are being paid by residents of the area whose condition has been altered. The federal government has now released the newly redrawn version of the flood insurance maps for Hampden County, Massachusetts, which will be required to be applied by communities on or before July 16 so that their residents will be eligible to take part in the national coverage program. Several properties have been affected by the new map, though the actual number has not yet been released. Communities are required to implement…

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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…

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Insurance industry urging American residents to buy flood coverage

H. Cutner
flood insurance rates

The I.I.I. has officially released a statement to remind home and business owners of hurricane season. With less than a month before the start of the Atlantic hurricane season, officials from an insurance industry group are reminding homeowners, business owners, and renters in at risk areas that they should be considering flood policies. The reminder includes the fact that standard home and business policies do not include flooding. The Insurance Information Institute (I.I.I.) has reinforced its insurance industry statement by pointing out that predictions are that the hurricane season could…

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Flood insurance continues to baffle a fifth of all homeowners

Julie Campbell
Flood Insurance

A recent survey has shown that many property owners are not aware of what coverage they do or do not have. According to the results of a recent survey of homeowners, one fifth of the participants did not clearly understand what flood insurance coverage they had, and whether or not they needed to purchase an additional policy. The survey showed that nearly twenty percent of homeowners are unaware that they are uninsured. The study was conducted by Princeton Survey Research Associates International, in combination with Bankrate.com. What it determined was…

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Flood insurance policies recommended to Florida residents before hurricanes begin

H. Cutner
Flood Insurance

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…

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Insurance news from Superstorm Sandy continues with legal battles

G. Turner
Hurricane Sandy Damage flood Insurance surcharge

Victims of the storm are seeking lawyers to help them when they head to the courts. Victims of Superstorm Sandy are continuing to face considerable challenges which are making insurance news headlines as these individuals and families are now seeking legal representation in order to help them to obtain the funds that they feel are owing to them from their insurers. In many cases, it is not that the insurers haven’t paid out, but that the policyholders feel that damage was underestimated. One instance of this type of insurance news…

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