Live Insurance News

National Flood Insurance Program takes limelight in wake of Sandy

November 6, 2012November 5, 2012 S.Vagus

National Flood Insurance Program could be in bad position to deal with Hurricane Sandy The National Flood Insurance Program is being put to the test in the wake of Hurricane Sandy. The federal program is responsible for the majority of flood insurance policies in the U.S., but has been facing extreme financial problems that could threaten its ability to pay claims. The program is currently crippled by massive debt and federal lawmakers have been unable to solve the problems facing the program. Now, the impact of Hurricane Sandy is finally…

Flood insurance records show Sandy is third largest

November 5, 2012November 4, 2012 Julie Campbell

The Superstorm off the Atlantic is predicted to be less expensive than only Hurricanes Katrina and Ike. The damage caused by Superstorm Sandy is now predicted to be the third most expensive faced by the National Flood Insurance Program in the United States, and will have the largest amount of cost outside of the Gulf Coast region of the country. The states that were hardest hit include New York and New Jersey. According to Bloomberg Government’s BGOV Barometer, those two states are covered for nearly $100 million in flood insurance,…

Hurricane Sandy may cause $20 billion in losses

October 30, 2012October 30, 2012 S.Vagus

New York grocery store sold old of water due to Hurricane Sandy

Hurricane Sandy makes landfall, causing chaos Hurricane Sandy is causing havoc in the northeastern U.S. The storm finally made landfall on Monday, striking New Jersey with 115mph winds that pushed water from the ocean into several states along the East Coast, including Virginia, New York, and Maryland. Though the storm is classified as a Category 1, it has already managed to caused a significant amount of damage with just its powerful winds. When the flooding that the storm has caused is factored into its overall impact, Hurricane Sandy could be…

Hurricane Sandy slams East Coast

October 29, 2012 S.Vagus

Hurricane Sandy makes landfall and insurers scramble to mitigate impact Hurricane Sandy has hit the East Coast of the U.S. after building in strength throughout the majority of the past week. U.S. Insurers have been working to prepare for the hurricane, which is expected to cause a significant amount of damage as it passes through densely populated cities in the northeastern region of the country. Claims teams and insurance adjusters have been mobilized to areas that are expected to see the most damage ahead of the storm in an attempt…

North Dakota consumers win with flood insurance legislation

October 24, 2012October 24, 2012 S.Vagus

New legislation makes changes to North Dakota flood insurance policies Legislation has been passed in North Dakota that changes the effective date of flood insurance policies throughout the state. Last year, many homeowners purchased or upgraded flood insurance policies in the wake of flooding in the Missouri River. Those purchasing policies after the disaster struck had feared that their newly bought coverage would not cover the damage that had been done to their homes and properties. Thanks to new legislation, their policies may now actually provide them with the coverage…

MEMA releases flood insurance information for consumers

September 4, 2012April 30, 2013

MEMA information could help consumers understand their policies and file claims The Mississippi Emergency Management Agency (MEMA) has released information that aims to help the victims of flood file flood insurance claims. Mississippi residents that have flood insurance receive their coverage through the National Flood Insurance Program (NFIP). The majority of the state’s homeowners, however, do not have coverage that protects them from the damage caused by floods. Yet, many of these homeowners believe they are adequately protected by the coverage they receive through the state’s wind pool policies. MEMA…

Flood insurance still hasn’t been purchased by some homeowners

August 15, 2012August 15, 2012 Julie Campbell

As hurricane season enters its peak period, warnings have been issued to those individuals. The most active part of the Atlantic hurricane season is now underway and homeowners who have not yet purchased flood insurance are being cautioned to do so as soon as possible. They are being warned that homeowners insurance may not cover the flooding from the storms. With a flood insurance policy, the property is covered against storm surges in addition to the torrential rains which can cause significant flooding. The Insurance Information Institute has explained that…