Live Insurance News

Flood insurance applications soar on Sandy’s heels

December 18, 2012December 18, 2012 Julie Campbell

Following the superstorm, many homeowners have been inquiring about coverage against flooding. As the claims following Superstorm Sandy continue to be managed, insurers are finding that they are being contacted by consumers for an entirely different reason, which is to learn more about flood insurance and to add the protection to their homes. The reality of the risk involved in a potential storm such as Sandy has now become more than clear. Agents and brokers alike are reporting that flood insurance is one of the top reasons that they are…

Flood insurance has new risks ahead

November 14, 2012November 13, 2012 H. Cutner

This federal program is already on shaky legs, but is facing even greater strains. The National Flood Insurance Program has never recovered from falling into $18 billion of debt after Hurricane Katrina in 2005, and now it is headed back toward a position where its funds are running slim as the massive reconstruction effort after Sandy begin. Estimates at this point are saying that the superstorm could lead to the second highest bill for the program. Federal flood insurance claims will likely be second only to Katrina, as 115,000 have…

Homeowners insurance companies urge U.K. residents to buy coverage for flooding

September 30, 2012September 29, 2012 H. Cutner

Flood policies may become vital as flood alerts and warnings are issued across the country. The warnings and alerts regarding the risk of flooding across the United Kingdom has caused homeowners insurance companies to caution property owners that separate coverage for floods is required in order to protect them against rising waters from the rains that have been lashing several regions. They are being told to go over their policies and make sure that there won’t be any unwanted surprises. For those who do have flood protection added to their…

Flood insurance tips for Texas homeowners

July 28, 2012July 28, 2012 Julie Campbell

Benefiting from the coverage starts with purchasing it in the first place. The season for flooding has arrived, and homeowners in Texas are looking into flood insurance as they balance the dry summer of 2011 with the downpours of this year. Insurers are stressing the importance of preparedness and the right types of coverage. Homeowners in the state are being advised to take the time to understand the risks associated with flooding, and to discover tips that can help them to prepare if their homes should ever be threatened by…

Homeowners are reminded that springtime means flood insurance

March 31, 2012March 31, 2012 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…

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

March 28, 2012April 30, 2013

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…

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

March 21, 2012March 21, 2012 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…