Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…
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NAMIC asks congress not to end federal flood insurance program
In response to the amendment filed by Rep. Candice Miller (R-Mich) to the HR 1309 (the National Flood Insurance Program), called the Flood Insurance Reform Act of 2011, which would end the program, the National Association of Mutual Insurance Companies (NAMIC) has asked Congress not to proceed forward. According to senior vice president of federal and political affairs Jimi Grande, of NAMIC, “Eliminating the National Flood Insurance Program is the worst policy option out there.” He explained that while the National Flood Insurance Program (NFIP) is not perfect, it is…
Read MoreMissouri insurance agents vent frustrations over FEMA’s handling of flood insurance
In the states struggling to mitigate the damage caused by the flooding Missouri River, insurance agents are railing against FEMA. Agents claim that federal officials are at fault for causing widespread confusion amongst property owners by pressuring them to purchase flood insurance. The main issue is that these hastily solicited policies may not provide the coverage necessary to protect homeowners from the flooding river. Furthermore, several insurance companies in the affected area say that federal officials have been pressuring insurance agents to sell policies that specifically exclude any damage caused…
Read MoreAn undecided Senate panel hears plans regarding the National Flood Insurance Program
The National Flood Insurance Program, which provides flood insurance to the majority of homes in flood prone and coastal areas throughout the country, will lapse at the end of September. Legislators are feeling the pressure of a hurricane season that is bringing a sleuth of storms from the Atlantic Ocean as well as insurance companies to make changes to the existing program so that it will continue. The other day, a Senate Banking subcommittee heard recommendations from representatives of the Government Accountability Office. The panel heard proposed improvements to the…
Read MoreFEMA seeks to partially privatize National Flood Insurance
The National Flood Insurance Program (NFIP) has had a troubled history. The program is meant to provide affordable home insurance coverage to those that live in areas prone to flooding either from hurricanes or other storms. Thousands take advantage of the program, but it has suffered shortfalls in funding, putting NFIP $18 billion in debt. Congress has been debating solutions to this problem. Legislators have until September 30th to figure it out or the program will be abolished. FEMA administrator Craig Fugate may have a plan that could offset NFIP’s…
Read MoreFEMA warns of flooding and last minute insurance may be too late
Hurricane season has arrived and there have already been reports of a hurricane raging in the Pacific. Early Friday, the National Hurricane Center announced that tropical storm Adrian had graduated to a full-fledged hurricane and was heading toward land. It is expected to reach the coasts of Mexico within the next day. On the other side of the country, in the Gulf Coast, concerns are rising as to what disasters this season could bring. Along the Mississippi River, the danger of flooding due to storms is all too real. Storms…
Read MoreVirginia homeowners urged to review insurance for items not covered this hurricane season
Virginia state insurance regulators are cautioning homeowners to review their policies as the hurricane season begins. Regulators note that several insurance policies include deductibles for wind damage caused by hurricanes, but many others do not. This disparity leads to lapses in coverage that are prevalent throughout the state. The State Corporation Commission says that even if homes are protected against wind damage, there is still the possibility of water damage. Regulators assert that the majority of hurricane losses stem from flood damage. The majority of property insurance policies available in…
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