Live Insurance News

Regulators finalize new flood insurance rule

June 26, 2015June 24, 2015 Nordstrom

Finalized rule places new requirements on banks Federal regulators have finalized a rule that will affect flood insurance policyholders. The rule requires banks to hold flood insurance premiums, associated fees, and loans on property located in flood zones in escrow. This rule will go into effect next years and banks will hold payments in escrow on “residential improved” properties as well as mobile homes. The finalized rule has been clarified to make it easier to understand. One of the clarifications involves the definition of detached structures that are excepted from…

Commissioner Donelon seeks extension on deadline for flood insurance claims

June 24, 2015June 23, 2015 S.Vagus

Commissioner petitions FEMA to extend insurance claims filing period Louisiana Insurance Commissioner Jim Donelon is petitioning the Federal Emergency Management Agency (FEMA) to extend the deadline for homeowners to submit flood insurance claims. The vast majority of homeowners in the state receive their flood protection from the National Flood Insurance Program and per the provisions of the program these people are required to submit proof of loss forms within 60 days after a flood. This may be a problem for homeowners, however, as many have reported needing more time to…

FEMA to review rejected flood insurance claims

June 4, 2015June 2, 2015 S.Vagus

FEMA will be reviewing claims associated with Hurricane Sandy The Federal Emergency Management Agency (FEMA) has announced that it will begin reviewing flood insurance games that are related to Hurricane Sandy. In late October of 2012, a powerful storm struck the eastern United States, causing severe damage to properties with its strong winds. The majority of the damage caused by the storm came from flooding, however, and many homeowners found themselves in a difficult situation due to their lack of flood insurance coverage. Homeowners find that their policies do not…

Disasters in Texas and Oklahoma highlight importance of flood insurance

June 1, 2015May 30, 2015 S.Vagus

Floods in two states cause significant damage and loss of life Both Texas and Oklahoma have been inundated with rain this month, which is somewhat unseasonable for both of these states. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes and vehicles and even the loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by floods. For many homeowners, damage caused by floods will not be covered by their insurance policies,…

Senator calls for changes to National Flood Insurance Program

May 26, 2015May 23, 2015 Logan B.

Flood insurance may need more reform in the future United States Senator Charles Schumer believes that major changes must be made to the National Flood Insurance Program. The federal program is typically the only place that homeowners can find flood protection, but this coverage is provided by private companies that work with the program. These companies have fallen under harsh criticism in recent years due to their handling of claims related to Hurricane Sandy and other disasters that have produced claims. Senator Schumer calls for changes to be made to…

New York officials seek reforms to flood insurance

May 19, 2015May 16, 2015 Logan B.

Officials want to see reforms made to the National Flood Insurance Program New York officials want to see more reform come to the U.S. National Flood Insurance Program, as well as how flood coverage is handled overall. Assemblyman Phil Goldefer and Senator Chuck Schumer are calling for significant reforms, hoping to address the crippling financial issues that have plagued those that were affected by 2012’s Hurricane Sandy. The hurricane caused significant damage to property in New York and other states. The storm left many homeowners in financial stress, as their…

Businesses want a better flood insurance program

May 7, 2015May 5, 2015 Nordstrom

Business leaders call for improvements to the National Flood Insurance Program Business leaders in Louisiana want to see flood insurance rate hikes reined in throughout the region. A coalition of businesses from the construction and real estate industries attended a meeting at the University of New Orleans where they shared their thoughts concerning the National Flood Insurance Program with lawmakers. The federal program offers flood insurance coverage to homeowners and businesses, but the program has been struggling with financial problems for years. As such, rates for policies offered through the…