Tag: NFIP

Flood insurance premiums to grow in the US

S.Vagus
flood insurance news

Homeowners will face higher flood premiums as of April 1 Flood insurance premiums in the United States are set to spike on April 1. Those with coverage through the National Flood Insurance Program (NFIP) will see higher rates as the program continues to recover from its massive $24 billion debt. Much of the debt came in the wake of Hurricane Katrina and Hurricane Sandy. These two disasters caused significant financial damage, which NFIP has been unable to recover from despite action taken by Congress. Consumers believe higher rates may be…

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Lawmakers work to bring reform to the National Flood Insurance Program

S.Vagus
flood insurance toronto canada

Lawmakers are fighting to change and improve NFIP Federal lawmakers are again attempting to introduce reforms to the country’s troubled National Flood Insurance Program (NFIP). Earlier this month, the House Financial Services Committee granted approval for the Flood Insurance Market Parity and Modernization Act. The legislation has won support from several lawmakers and is designed to mitigate the cost of flood protection. The legislation will also ensure that those seeking a mortgage for their property are treated the same when purchasing flood policies from the private market as they are…

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New company begins offering flood insurance policies in Florida

S.Vagus
home flood insurance coverage

Florida homeowners have another option when it comes to flood protection A new company has entered into the flood insurance market in Florida and will serve as an alternative to the National Flood Insurance Program (NFIP). Called TypTap Insurance, it is the first company licensed in Florida to focus exclusively on flood protection. Homeowners can use the insurer’s online platform to purchase the coverage they need. Typically the only place homeowners can find flood protection is through the federal program, but this is beginning to change. The flood market may…

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Record number of homeowners purchase flood insurance in California

Nordstrom
flood insurance policies

FEMA reports that more flood policies have been sold through NFIP this year The number of homeowners in California that have purchased flood insurance coverage has grown significantly, according to the Federal Emergency Management Agency (FEMA). This is due to worry concerning El Nino, which may result in several powerful storms in California. Heavy rainfall in the state may be good news for some, as California has been suffering from a severe drought, but this rainfall comes with the risk of flood disasters in several parts of the state. Worries…

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National Flood Insurance Program provides homeowners with helpful tips

G. Turner
national Flood Insurance program tips

In response to the flooding in Illinois and Missouri, the NFIP has offered advice with regards to what can be done. The National Flood Insurance Program has recently responded to the damaging flooding in Illinois and Missouri and, as a part of this effort, it has issued a list of tips to people who have been affected by the rising waters in order to provide them with recommendations with regards to what they should be doing both during and after the floods. Officials from NFIP want to improve education about…

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Arkansas homeowners may need flood insurance protection

Nordstrom
Homeowners flood Insurance

Arkansas is among five states that have the most land situated in 100-year floodplains Arkansas could be exposed to significant risks related to flooding, and it is not the only state to face such risks. According to the Arkansas Natural Resources Commission, the state is among the top five states that have land situated in 100-year floodplains. In the event of a major flood, such a disaster could have catastrophic consequences for homeowners and businesses. The main problem is that most homeowners do not have flood insurance protection, which could…

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Flood insurance payouts headed to some Sandy victims

H. Cutner
Homeowners flood Insurance hurricane sandy damage

People who showed that they were not adequately compensate after the super-storm are receiving some validation. Following the flood insurance claims from Superstorm Sandy, thousands of homeowners complained that they were not receiving adequate compensation from the federal coverage program, but that is about to change. The National Flood Insurance Program (NFIP) will be issuing payments to many of those property owners. It is now three years after the storm slammed its way across the eastern seaboard and the flood insurance review that was launched in the spring by the…

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