This year was one that brought disasters to areas all around the globe, and these catastrophes came with record breaking bills that have left the figures from previous years behind. According to the data from Swiss Re AG, a reinsurance company, the quakes and tsunami in Japan, the earthquakes in New Zealand, the Thailand floods, and the large number of American tornadoes brought a global disaster loss total up to a staggering $350 billion. The tremendous amount of devastation brought production at factories to a grinding halt and cut off…
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Understanding how flood insurance protects your home and belongings
Flood insurance is a form of protection that provides coverage for a home and the possessions it contains, in case they should ever be damaged or lost as a result of water rising from an outside source. Though standard homeowners insurance will usually protect against flooding due to a broken pipe, for example, it would not cover damage from water that flowed into the home from a rising river, creek or even rain. While many homes are not located within areas that are recognized as having a high flood risk, those…
Read MoreCongress approves short-term National Flood Insurance Program fix
In Washington D.C., Congress has given the nod to an extension of the National Flood Insurance Program (NFIP), to maintain it until November 18, 2011, after having failed to pass a reforming bill for the program. It is hoped that this extension will provide enough time for a reported deal to close, which is supported by both parties. What this means to homeowners in any of the 20,000 communities that take part in the NFIP, is that if you will be purchasing a home or if you are attempting to…
Read MoreSenate passes bill to prolong the National Flood Insurance Program for a short period while trying to resolve issues
Recent storm bringing widespread flood damage have brought the issue of flood insurance into the limelight. Despite it being required in some areas prone to flooding, flood insurance is rare throughout the country. Many insurance companies do not offer such coverage because the potential for loss. Those that do offer the coverage do so at a high price, making it, in some cases, unaffordable for homeowners. Complicating matters is the ailing National Flood Insurance Program, which is meant to provide consumers with affordable access to flood insurance. The program is…
Read MoreNorth Dakota residents may need to purchase flood insurance as FEMA’s flood map grows to include 7,500 homes
As FEMA prepares to release its revised flood maps the agency is issuing information to states that may be affected by the changes. North Dakota has recently received such information, which may have more people clamoring for insurance coverage when the flood map is released. FEMA’s flood maps are important to both home owners and insurance companies in order to determine the necessity and value of flood insurance. With major storms causing widespread flood damage, FEMA has been keen to make changes that are meant to help people protect their…
Read MoreHow will the National Flood Insurance Program avoid a watery grave?
As of September 30, 2011, the National Flood Insurance Program (NFIP) is due to expire for the tenth time in a period of 24 months. The NFIP is designed to provide homeowners and business owners with affordable flood insurance, and it does so within 21,000 communities across the country for over 5.6 million homes and businesses. Cleveland Area Board of Realtors co-director, Barbara Lachowicz, explained that the program is vital to a housing market that is capable of functioning properly. She went on to say that “Americans deserve access to…
Read MoreNational Flood Insurance Program takes yet another financial blow in the form of Hurricane Irene
The damage wrought by Hurricane Irene may be more than original estimated. Though the storm was not quite as powerful as has been predicted, it brought major floods to much of the East Coast. Given the scarcity of flood insurance amongst homeowners, many sought refuge from the National Flood Insurance Program (NFIP). The program has been on unsure financial footing for several months, however, being billions of dollars in debt. The program is meant to offer insurance coverage to homeowners that cannot receive such coverage through private insurance companies, yet…
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