Live Insurance News

Flood insurance rates continue to rise in West Virginia

April 14, 2014April 12, 2014 S.Vagus

Insurance coverage continues to become more expensive despite new law Last week, President Barack Obama signed the Homeowner Flood Insurance Affordability Act into law. The legislation repeals provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 that were responsible for the dramatic rise in flood protection premiums. While these provisions have been repealed, insurance premiums are still expected to rise over the coming months, especially due to the fact that government subsidies meant to reduce the financial impact of higher premiums begin to expire. Rates are growing by 25%…

Flood insurance reforms may not be enough to satisfy homeowners in Georgia

April 7, 2014April 12, 2014 S.Vagus

Legislation concerning flood protection may only be a short term solution Legislation meant to rollback the premium increases on policies from the National Flood Insurance Program was recently passed, but the matter of expensive insurance coverage is far from over in many states. The legislation was designed to provide homeowners with relief from insurance rates that were rising too quickly, but it may only be a temporary solution to a serious problem. Lawmakers in Georgia are looking into new solutions to the matter of flood insurance and what can be…

Flood insurance reforms may be missing the mark

April 2, 2014March 31, 2014 Marc

Homeowners are finding that their flood protection costs are increasing rapidly Reforms to the National Flood Insurance Program have been passed, but these changes may have little impact on the actual cost of flood protection in many parts of the U.S. The reforms were meant to limit the rate at which flood protection becomes more expensive, but homeowners in many parts of the country could face “extreme costs” when it comes to their coverage in the coming months. In Winona County, Minnesota, for instance, homeowners are being told to brace…

Flood insurance rates still rising, regardless of law reforms

March 26, 2014March 24, 2014 G. Turner

Even with the overhaul of the federal program, the prices homeowners will pay will still be higher. Millions of homeowners across the country were breathing a sigh of relief when the flood insurance law was reformed in order to bring down some of the skyrocketing rates for that coverage, but many continue to face much higher premiums than they have seen in previous years. The rising cost of this coverage may not be as high for some homeowners as expected, but it’s still going up. The subsidies through the National…

Flood insurance may be set for reform in Alabama

March 25, 2014March 25, 2014 Logan B.

New legislation seeks to address problems with insurance coverage New legislation in Alabama could have a major impact on flood insurance throughout the state. Currently, homeowners throughout the state must rely on the National Flood Insurance Program in order to find the protection that they need. The program, however, is riddled with debt and has come under fire for its inability to pay claims effectively. Moreover, coverage through the federal program is becoming significantly more effective for many people throughout the country. The problems with the federal program have lead…

Florida may soon be home to a private flood insurance market

March 20, 2014March 18, 2014 S.Vagus

Legislation aims to make flood protection a private market rather than something handled by the federal government Homeowners in Florida are facing rising flood insurance rates that could threaten their financial stability, but state lawmakers may be able to provide some relief through new legislation. The legislation would create a competitive, private insurance market throughout the state. This would take flood insurance out of the jurisdiction of the federal government, allowing private insurers in Florida to provide this coverage to homeowners. State lawmakers believe that this will be beneficial to…

Homeowners take issue with flood insurance and lack of paid claims

March 19, 2014March 19, 2014 Nordstrom

Victims of Hurricane Sandy continue to fight for monetary compensation Some 16 months after Hurricane Sandy slammed into the East Coast of the U.S., homeowners are still working to recover from the disaster. The powerful storm caused an estimated $68 billion in damage, most of which came from floods that were triggered by the storm. In New Jersey and New York, homeowners quickly learned that the damage caused to their properties was not covered by their insurance policies because private insurers in the U.S. do not offer flood protection. Instead,…