Live Insurance News

South Carolina insurance industry sets up for flooding claims

October 7, 2015October 6, 2015 Julie Campbell

A surge of filings is expected to take place after the waters rose and left massive damage in parts of the state. The South Carolina insurance industry is getting ready for a large wave of claims on policies for flood coverage, though it remains too early to know exactly how much damage has occurred in the state. The S.C. Department of Insurance has been sharing its contact information in order to help affected homeowners. The National Flood Insurance Program (NFIP), from FEMA has also been sending out information to help…

Munich Re enters into the private flood insurance market of the US

August 10, 2015August 8, 2015 S.Vagus

Insurer offers new product for homeowners in the United States Munich Reinsurance America has introduced a new insurance product in the United States that may be a benefit for some homeowners. It is a new flood insurance product designed for those living in low-to-moderate hazard flood zones in inland parts of the country. The new product will provide these homeowners with new options when it comes to flood protection, as this coverage had, for years, only been available through the National Flood Insurance Program (NFIP). NFIP will have competition when…

FEMA to review rejected flood insurance claims

June 4, 2015June 2, 2015 S.Vagus

FEMA will be reviewing claims associated with Hurricane Sandy The Federal Emergency Management Agency (FEMA) has announced that it will begin reviewing flood insurance games that are related to Hurricane Sandy. In late October of 2012, a powerful storm struck the eastern United States, causing severe damage to properties with its strong winds. The majority of the damage caused by the storm came from flooding, however, and many homeowners found themselves in a difficult situation due to their lack of flood insurance coverage. Homeowners find that their policies do not…

Businesses want a better flood insurance program

May 7, 2015May 5, 2015 Nordstrom

Business leaders call for improvements to the National Flood Insurance Program Business leaders in Louisiana want to see flood insurance rate hikes reined in throughout the region. A coalition of businesses from the construction and real estate industries attended a meeting at the University of New Orleans where they shared their thoughts concerning the National Flood Insurance Program with lawmakers. The federal program offers flood insurance coverage to homeowners and businesses, but the program has been struggling with financial problems for years. As such, rates for policies offered through the…

Flood insurance rates to skyrocket in the US

April 16, 2015April 16, 2015 Nordstrom

Homeowners will be paying more for their flood protection this year Millions of homeowners in the United States could see their flood insurance rates skyrocket this year due to provisions of a relatively new legislation that have gone into effect this month. The legislation was meant to address the financial issues of the National Flood Insurance Program, which has been crippled by massive debt for some time. This year, the legislation allows flood insurance rates to increase in order to help the program recover from its financial problems. New provisions…

Flood insurance may be in jeopardy in Oklahoma

April 9, 2015April 8, 2015 Logan B.

New legislations could make flood insurance inaccessible in the state Flood insurance may become more difficult to obtain for homeowners in Oklahoma if new legislations take effect. The Oklahoma Floodplain Managers Association has warned state lawmakers that new legislations that are making their way through both the Senate and the House of Representatives could mean that the state can no longer participate in the National Flood Insurance Program. The federal program is typically the only place that homeowners throughout the country can find flood insurance protection. Legislations seek to prohibit…

FEMA official reports insurance fraud evidence

March 2, 2015March 1, 2015 Julie Campbell

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

According to the “60 Minutes” news magazine, a top official has seen evidence suggesting wrongful settlement denials. A recent report from “60 Minutes”, the respected news magazine from CBS, a top official from the Federal Emergency Management Agency (FEMA) has stated that he has witnessed evidence of insurance fraud within the reports that were made to deny settlements to victims of superstorm Sandy. In an interview that was televised last night (Sunday), the official made it clear that the evidence does exist. Within the CBS program, the deputy associate administrator…