Live Insurance News

Homeowners insurance tax credit becoming better recognized in South Carolina

February 12, 2014February 10, 2014 G. Turner

homeowners mortgage insurance credit score

Residents of the state are increasing their awareness and are taking advantage of it at an increasing rate. According to recent news data, the number of people who are taking advantage of a tax credit for homeowners insurance purchased for hurricane and flood coverage is on its way up in South Carolina. The state tax credit is currently available for an amount of up to $1,250 per property owner. The latest data has shown that the number of homeowners insurance customers who are taking advantage of this tax credit in…

Florida may become home for private flood insurance

February 11, 2014February 8, 2014 Logan B.

Florida lawmakers seek to open up the market to private insurers Flood insurance rates may remain stable in the U.S. for a time as federal lawmakers begin investigating ways to reform the federal program that provides flood protection, but many homeowners are still concerned about the financial impact of flood coverage and the federal program’s ability to actually honor the policies it represents. The National Flood Insurance Program is currently crippled by massive debt. While the program has been able to pay claims thanks to the support of emergency spending…

Understanding flood insurance in the US

January 26, 2014January 25, 2014 Note From The Editor

Flood protection is a problematic issue Flood insurance has become a strange subject in the U.S. Many homeowners are unaware of flood protection, but for those living in coastal regions of the country this protection is mandatory. Private insurers do not typically offer flood protection because of the costly nature of natural disasters and how often these disasters can cause floods in certain parts of the country. As such, the only place that most homeowners can find flood protection is through the National Flood Insurance Program. Receiving protection from this…

Lawmakers approve flood insurance legislation delaying rate increases

January 22, 2014January 20, 2014 S.Vagus

Rate increases to be delayed until 2015 Federal lawmakers in the U.S. have approved legislation that will delay any large flood insurance rate increase throughout the country until 2015. This is being considered a major victory for homeowners in states like Florida and Louisiana, where flood coverage was quickly becoming impossible to afford. The approval of this legislation comes after several months of homeowners and businesses pressuring lawmakers to take action on the issue of flood insurance coverage. Lawmakers were not expected to take action on the issue until much…

Flood insurance rate hikes set to hit Florida

January 20, 2014January 18, 2014 S.Vagus

Florida homeowners are preparing for major rate hikes as federal law’s provisions go active Florida homeowners are bracing themselves for a major increase in their flood insurance rates. Provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 are set to take effect in the coming weeks and this will involve a major spike in insurance premiums. The law is meant to address the financial issues that have plagued the National Flood Insurance Program for the past several years. The federal program accounts for the vast majority of flood protection…

Lawmakers begin to push for flood insurance reform

January 13, 2014January 12, 2014 Logan B.

Insurance rates continue to skyrocket in the US Flood insurance rates are on the rise throughout the U.S. and Congress has been feeling the pressure from homeowners and consumer advocacy groups concerning their inaction on the matter. The reason rates are growing has to do with a law passed in 2012 meant to fix the National Flood Insurance Program (NFIP). The federal program is typically the only place where homeowners can acquire flood protection. The law passed in 2012 is meant to rectify the financial problems that have crippled the…

Oregon flood insurance premiums still charged to the wrong homeowners

January 3, 2014December 31, 2013 G. Turner

The challenges that FEMA is facing within the state are clearly on the rise. Hundreds of homeowners throughout the state are finding themselves wrongly being required to pay Oregon flood insurance as they are caught up in the flaws of a system in which lenders automatically include properties located close to flooding zones in with those that are actually located in high risk areas. This means that properties nearby – but outside of – flooding zones, are deemed high risk by lenders. This is problematic for those homeowners as it…