Tag: national flood insurance program

Flood insurance premiums rise and will likely continue rising

G. Turner
flood insurance premiums storm news

Homeowners seeking to purchase coverage against overland flooding will be paying more as of this month. Changes that took effect on April 1 are sending flood insurance premiums skyward. This applies to homeowners who already have coverage against flooding as well as those who are buying it for the first time. National Flood Insurance Program rates rose by an average of approximately 6 percent this month. As a result, the average annual flood insurance premiums are now around $878. This doesn’t include a number of different types of surcharge which…

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Trump’s flood insurance surcharge meets solid resistance from Jersey Shore

Marc
Hurricane Sandy Damage flood Insurance surcharge

Three federal lawmakers from that area say they will fight the proposal they’re calling unreasonable. Jersey Shore congressmen aren’t pleased about the proposed flood insurance surcharge the Trump administration has put forward. As a result they’ve said they intend to fight the proposal in order to stop what they feel is an unreasonable cost increase. The lawmakers said the surcharge for the insurance coverage will only cause more suffering. U.S. Congressmen Tom MacArthur (R-03), Frank A. LoBiondo (R-02) and Frank Pallone, Jr. (D-06) have agreed that the flood insurance surcharge…

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Will California flood insurance be better without federal involvement?

Julie Campbell
Shasta Dam California flood insurance

The state is considering dropping out of the nationwide program in favor of establishing its own. California flood insurance found itself in the spotlight last month when the Oroville Dam threatened to fail. Erosion at the base of the dam’s emergency spillway forced the evacuation of 180,000 people until the area could be deemed safe again. This event greatly increased awareness of the importance of flood insurance within that part of the state. Helicopters were used to place massive boulders to plug the failing emergency spillway. This allowed the state…

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Flood insurance program cuts may pay for Trump’s Mexican border wall

Nordstrom
California insurance industry - flood program

Funding reductions to the Federal Emergency Management Agency (FEMA) may divert cash to cover the wall. Reports published by Politico and the Washington Post based on internal budget documents they recently obtained could mean money from the flood insurance program will be diverted to cover President Trump’s border wall between the United States and Mexico. This could mean that, when all is said and done, coastal states may end up paying for a chunk of the wall’s cost. The reports found that the Federal Emergency Management Agency (FEMA), which is…

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National Flood Insurance Program payouts reach $6.5 million in Georgia

G. Turner
Hurricane Matthew national flood insurance program

Residents of the state have now received payments for many of the 1,054 claims made following Matthew. Georgia victims of Hurricane Matthew have now received over $6.5 million in payouts from the National Flood Insurance Program. There were a total of 1,054 claims filed with the federal flooding program by the time November came to an end. Over $2.5 million had already been paid to residents in partial or advance payments. This amount was deducted from the total $6.5 million in payouts that are expected to be made from the…

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Hurricane flood insurance coverage not carried by many Matthew victims

Logan B.
hurricane flood insurance

Many of the homeowners who experienced damage from flooding don’t have the necessary coverage. Many victims of Hurricane Matthew who have never had a drop of water in their homes before are finding themselves underwater without hurricane flood insurance. Communities well inland and far from flood plains were rescued by firefighters in boats. Though the concern had been seawater driven ashore, it was rain and runoff that caused considerable flooding. Drainage ditches were overwhelmed, sending rising waters into the homes of people without hurricane flood insurance. For many of them,…

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Home flood insurance for high risk properties may be cancelled

Marc
home flood insurance coverage

Congress is currently looking at the National Flood Insurance Program and coverage for troublesome locations. The United States Congress may soon take the axe to home flood insurance coverage for properties that are regularly flooded. It is looking specifically at the way communities deal with some of the properties that flood the most. They are the locations that make the most frequent National Flood Insurance Program (NFIP) claims and receive the most payouts. New bipartisan legislation could require communities to handle repeated loss patterns from flooding. The existence of home…

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