Live Insurance News

Flood insurance costs continue to rise in Connecticut

May 20, 2014May 19, 2014 Marc

Homeowners are facing the real possibility of having to pay more for their flood protection Some homeowners in Connecticut are facing the possibility of having to pay significantly more for their flood protection as the Federal Emergency Management Agency continues to revise its flood maps. These flood maps are used to determine the flood risks of particular parts of the country. The maps are also used to price flood insurance protection, which is typically acquired through the National Flood Insurance Program. FEMA has been revising its flood maps recently in…

FEMA repeals provisions of controversial flood insurance law

May 16, 2014May 16, 2014 Marc

Problematic provision has been rescinded by FEMA The U.S. Federal Emergency Management Agency has rescinded a provision of the 2012 Biggert Waters Act as ordered by the Homeowner Flood Insurance Affordability Act. The provision had made it impossible for new homeowners to take on any existing flood insurance of properties. Now that the provision has been repealed, policy rate tables have been reverted to what they had been before the 2012 Biggert Waters Act. Rate tables are expected to remain in this state as Congress works to address emerging issues…

Flood insurance claim filing period extended for Hurricane Sandy victims

May 6, 2014May 6, 2014 Logan B.

Hurricane Sandy Flood Insurance New York Storm

Homeowners now have more time to file claims through the National Flood Insurance Program Homeowners with properties that have been damaged by floods caused by 2012’s Hurricane Sandy now have more time to submit claims. The Federal Emergency Management Agency has announced that it has extended the claims filing period for victims of Hurricane Sandy by six months. The initial deadline had been set at April 29 this year, but the problems associated with the natural disaster have proven difficult to manage in a timely manner. NFIP continues to struggle…

Severe weather in Georgia prompts concerns regarding homeowners insurance

May 5, 2014May 3, 2014 S.Vagus

Double checking insurance policies becomes a priority as weather conditions worsen Severe weather is expected to create some problems in Georgia. Forecasts predict that weather conditions in many parts of the state could be “very dynamic” this week. What this means is that tornados and heavy rainfall could be seen in parts of the state and these events could lead to significant property damage for homeowners. As such, Georgia Insurance and Safety Fire Commissioner Ralph Hudgens has begun offering advice to homeowners that may fall victim to property damage. Homeowners…

Flood insurance deadline extended by FEMA

May 2, 2014April 30, 2014 G. Turner

This means that victims of Superstorm Sandy will have another 6 months to submit their paperwork. For most of the people across the country, Superstorm Sandy is nothing more than a bad memory, but for many homeowners who have yet to be compensated by flood insurance, it is a nightmare that feels like it will never end. FEMA is now trying to express its understanding of the situation of homeowners who were victims of Sandy. Though it may have been quite some time ago, the flood insurance claims continue to…

New Jersey residents continue to struggle with flood insurance

May 1, 2014April 28, 2014 S.Vagus

Flood Insurance Hurricane Sandy Jersey Shore

Close to 1000 homeowners file lawsuits against insurance providers Nearly 1,000 New Jersey residents that fell victim to 2012’s Hurricane Sandy have filed lawsuits against their flood insurance providers. In the U.S., flood protection is handled through the National Flood Insurance Program. The federal program exists as the only place for homeowners to find flood protection in the country, but the program itself is not responsible for the creation of the policies that it offers. Private insurers may not be offering flood protection outside of the federal program, but they…

Flood insurance rates in Florida significantly reduced by Lloyd’s of London

April 22, 2014April 19, 2014 H. Cutner

The massive marketplace is now showing quotes that are notably lower than NFIP. In recent news that is quite different from what Florida is used to hearing, it could be that flood insurance rates are actually falling and becoming more affordable, as private insurers start to make their way into this marketplace. Consumers who have been shocked by the increases by NFIP are finding relief in new quotes. The National Flood insurance Program (NFIP), which is a part of FEMA, is now quoting rates that are significantly higher than what…