Live Insurance News

Flood insurance friendly changes made to New Jersey city

March 7, 2013April 30, 2013

Sea Isle City has now been recognized by FEMA reps which have granted it a new Class 6 status. Last week, Federal Emergency Management Agency (FEMA) representatives went to Sea Isle City, which has now received a plaque from the agency to recognize the changes that they have made, as well as their new “Class 6” designation within the Community Rating System (CRS) from the National Flood Insurance Program (NFIP). The city officially received its Class 6 status in October after several initiatives were put into place. Those efforts include…

Flood insurance program takes a scolding from New Jersey governor

March 1, 2013April 30, 2013

He stated that claims to the federal program were being paid far too slowly to NJ residents. Governor Chris Christie has spoken out against the federal flood insurance program’s handling of the claims made by New Jersey residents following the Superstorm Sandy’s devastation of many of its areas at the end of October 2012. He said that the claims that were made to the federal program were not being paid in a reasonable time. Though the governor had previously criticized the rate at which the flood insurance payments were being…

Flood insurance premiums in Kansas are on the rise

February 28, 2013April 30, 2013

Poorly constructed levees cause rise in flood insurance coverage Residents of Topeka, Kansas, could be paying more for their flood insurance policies due to poorly designed levees along the Kansas River, which may also be keeping many businesses from coming to the city. These levees were built between the 1950s and 1960s, when it was considered an adequate construction practice to include wooden parts into the levees themselves. Within a decade of their construction, these wooden parts began to rot due to their exposure to water, thus making the levees…

Flood insurance concerns to get more attention in New Jersey

February 27, 2013April 30, 2013

New Jersey officials continue to wrestle with problems concerning flood insurance Despite the best efforts of lawmakers, New Jersey residents continue to experience difficulties with their insurance coverage in the wake of Hurricane Sandy. Though Sandy struck the state in late October 2012, the storm’s effects continue to be felt to this day. The storm caused modest wind damage, but most of the destruction associated with Hurricane Sandy comes from the widespread flooding it caused. As such, many consumers have been experiencing problems with their flood insurance coverage, with claims…

Flood insurance claims hitting speed bumps in New Jersey

February 20, 2013February 19, 2013 S.Vagus

FEMA data highlights delays in flood insurance claims The Federal Emergency Management Agency (FEMA) has begun releasing information concerning the rate at which flood insurance claims produced by Hurricane Sandy are being finalized. Since Hurricane Sandy struck the East Coast U.S. in late October 2012, flood insurance claims have been a problem for victims of the storm. The natural disaster caused widespread flooding that ruined many properties throughout the northeast, with much of the damage being localized in New Jersey. Selective Insurance highlighted by FEMA data According to FEMA, Selective…

Flood insurance sparks anger for New Jersey Governor

February 11, 2013February 9, 2013 Dan

Flood insurance continues to be a problem issue after Hurricane Sandy In October of 2012, Hurricane Sandy made its way to the East Coast of the U.S. and left destruction in its wake. The storm caused widespread flooding throughout many of the East Coast’s major cities, with New York and New Jersey seeing most of the damage. Though the storm caused a grievous amount of damage, it also highlighted many of the problems that exist in the U.S. flood insurance sector, most of which are embodied by the National Flood…

Flood insurance woes delay recovery in Long Island

February 7, 2013February 6, 2013 Dan

Long Island homeowners have yet to receive payouts from their flood insurance policies Thousands of residents in Long Island, New York, are still waiting on their insurance payouts in the aftermath of Hurricane Sandy. The powerful storm struck the island more than three months ago, but many of its homeowners are still struggling to recover from the damage caused by the devastating storm. Most of these homeowners have been in contact with their insurance providers, but insurers have continued to delay claims payments or outright denying claims due to technicalities.…