Live Insurance News

Flood insurance could soon be mandatory for 35,000 property owners in New York

February 5, 2013February 4, 2013 Dan

FEMA introduces revised flood maps that could expand flood insurance requirements The Federal Emergency Management Agency (FEMA) has introduced new flood maps for the East Coast U.S. this week that could force many property owners and businesses to purchase flood insurance coverage. The federal agency has been working to revise flood maps over the past two years, addressing some of the emerging threats that have been brought to light by powerful storms, such as Hurricane Sandy. These storms have caused widespread flooding in many parts of the East Coast and…

Hurricane Sandy emergency relief moves one step forward

January 23, 2013January 23, 2013 Marc

Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy relief package makes modest progress Little more than 10 weeks have passed since Hurricane Sandy visited the East Coast, leaving a path of destruction in its wake. The recovery effort is still underway as those affected by the storm try to regain some semblance of balance in their lives. Late last week, the U.S. House of Representatives finalized their approval of a $50.5 billion emergency relief plan designed to help the victims of Hurricane Sandy. The move exposed divisions throughout the Legislative branch, creating a significant amount of…

Flood insurance premiums will be on the rise for many in 2013

January 15, 2013January 15, 2013 H. Cutner

Homeowners in New Jersey are finding that it may not be long before the cost of flooding coverage increases. The Federal Emergency Management Authority (FEMA) held a meeting on January 10, 2013, which was attended by leaders and representatives from local municipalities from New Jersey, at which they were informed that the owners of non-primary residences that were constructed before 1968 would soon see a whopping 25 percent increase to their flood insurance premiums. The rate increase was set to become effective as of January 1 in order to offset…

Obama signs relief bill for hurricane Sandy but that’s just the start

January 8, 2013January 8, 2013 Nordstrom

Hurricane Sandy Aid – congress to vote on more funds The $9.7 billion flood relief bill for insurance claims was signed into law by Pres. Obama while House waits to vote on a larger Sandy relief deal worth up to $51 billion. Pressure from FEMA The Federal Emergency Management Agency (FEMA) had pushed for Sandy relief, stating that without addition funding they money to help will quickly run out. The White House reports that over 100,000 claims could not be paid out without more funding from Congress. John Boehner, Speaker…

National Flood Insurance Program in danger of running out of money

January 4, 2013 Dan

National Flood Insurance Program will be out of funds by next week There may be bad news on the horizon for the National Flood Insurance Program. The Federal Emergency Management Agency (FEMA) has announced that the federal flood insurance program will be completely out of money next week. Hurricane Sandy, which struck the East Coast in late October 2012, dealt a powerful blow to the National Flood Insurance Program. The powerful storm compounded the financial problems that the program has been dealing with for several years. FEMA officials push for…

Hurricane Sandy relief plan approved by Senate

January 2, 2013April 30, 2013

Senate approves emergency spending plan for victims of Hurricane Sandy Hurricane Sandy may be gone, but it certainly is not forgotten. The U.S. Senate has approved an emergency spending plan that is designed to provide aid to victims of the powerful storm. The plan has received the backing of the insurance industry, which has been steadily handling the flow of claims produced by Hurricane Sandy since the storm struck the East Coast in late October of 2012. The aid package is expected to help victims in the recovery process and…

National Flood Insurance Program may be helping preparedness for the impact of climate change

December 20, 2012April 30, 2013

National Flood Insurance Program reform promotes preparedness Changes made to the National Flood Insurance Program earlier this year may help prepare the country for the risks it faces from powerful natural disasters in the future. It is no secret that the National Flood Insurance Program is having trouble, and has been struggling to overcome financial turmoil since 2005’s Hurricane Katrina. In June of this year, Congress approved an expansive overhaul of the program, which extended its lifespan for another five years and closed numerous loopholes that have led to the…