Live Insurance News

Flood insurance rates in Florida significantly reduced by Lloyd’s of London

April 22, 2014April 19, 2014 H. Cutner

The massive marketplace is now showing quotes that are notably lower than NFIP. In recent news that is quite different from what Florida is used to hearing, it could be that flood insurance rates are actually falling and becoming more affordable, as private insurers start to make their way into this marketplace. Consumers who have been shocked by the increases by NFIP are finding relief in new quotes. The National Flood insurance Program (NFIP), which is a part of FEMA, is now quoting rates that are significantly higher than what…

Flood insurance reforms may not be enough to satisfy homeowners in Georgia

April 7, 2014April 12, 2014 S.Vagus

Legislation concerning flood protection may only be a short term solution Legislation meant to rollback the premium increases on policies from the National Flood Insurance Program was recently passed, but the matter of expensive insurance coverage is far from over in many states. The legislation was designed to provide homeowners with relief from insurance rates that were rising too quickly, but it may only be a temporary solution to a serious problem. Lawmakers in Georgia are looking into new solutions to the matter of flood insurance and what can be…

Flood insurance may be set for reform in Alabama

March 25, 2014March 25, 2014 Logan B.

New legislation seeks to address problems with insurance coverage New legislation in Alabama could have a major impact on flood insurance throughout the state. Currently, homeowners throughout the state must rely on the National Flood Insurance Program in order to find the protection that they need. The program, however, is riddled with debt and has come under fire for its inability to pay claims effectively. Moreover, coverage through the federal program is becoming significantly more effective for many people throughout the country. The problems with the federal program have lead…

Florida may soon be home to a private flood insurance market

March 20, 2014March 18, 2014 S.Vagus

Legislation aims to make flood protection a private market rather than something handled by the federal government Homeowners in Florida are facing rising flood insurance rates that could threaten their financial stability, but state lawmakers may be able to provide some relief through new legislation. The legislation would create a competitive, private insurance market throughout the state. This would take flood insurance out of the jurisdiction of the federal government, allowing private insurers in Florida to provide this coverage to homeowners. State lawmakers believe that this will be beneficial to…

Homeowners take issue with flood insurance and lack of paid claims

March 19, 2014March 19, 2014 Nordstrom

Victims of Hurricane Sandy continue to fight for monetary compensation Some 16 months after Hurricane Sandy slammed into the East Coast of the U.S., homeowners are still working to recover from the disaster. The powerful storm caused an estimated $68 billion in damage, most of which came from floods that were triggered by the storm. In New Jersey and New York, homeowners quickly learned that the damage caused to their properties was not covered by their insurance policies because private insurers in the U.S. do not offer flood protection. Instead,…

Flood insurance bill is now in the President’s hands

March 17, 2014March 15, 2014 G. Turner

After having cleared Congress last Thursday, Obama is now set to sign this bill to provide relief to homeowners. President Barack Obama now has the flood insurance bill in front of him, waiting to be signed, in order to provide homeowners within higher risk neighborhoods with some relief from what could have been massive increases to their coverage premiums. This legislation, when signed, will reverse a large portion of the 2012 NFIP overhaul. The changes to the National Flood Insurance Program (NFIP) had considerable support at the time that the…

Polar vortex highlights the need for flood insurance

March 13, 2014March 11, 2014 S.Vagus

Warming temperatures could spark floods as snow melts throughout the US Winter is coming to an end and that means that the problems caused by the polar vortex may soon spark new disasters. The polar vortex has sparked many problems throughout the U.S., dealing damage to properties, vehicles, and the country’s infrastructure. With winter coming to a close, some of the issues involving the polar vortex may become easier to resolve. Warming temperatures means that the snow that the climatic phenomenon has brought to the country is beginning to melt.…