Live Insurance News

FEMA to seek settlements in flood insurance cases

February 25, 2015February 24, 2015 Marc

coastal flood property insurance north carolina

FEMA is working to settle several lawsuits regarding flood protection and Hurricane Sandy The Federal Emergency Management Agency (FEMA) is currently working to settle lawsuits that have been issued by victims of Hurricane Sandy. The federal agency manages the National Flood Insurance Program, which came under fire in the wake of Hurricane Sandy. Many of those affected by the disaster saw their insurance claims rejected over technicalities and potentially falsified engineering reports. There have also been complaints that claims were underpaid. These issues have prevented many people from recovering following…

States begin taking action on flood insurance

February 13, 2015February 12, 2015 S.Vagus

National Flood Insurance Program is now $20 billion in debt The U.S. National Flood Insurance Program is $20 billion in debt and the provisions of a law that would seek to resolve this issue have been delayed for four years due to concerns regarding its financial impact on consumers. While premiums for the flood insurance coverage offered by the program have been increasing, these increases have not been enough to make the program financially stable. Because this represents a serious risk for homeowners, some states are beginning to take matters…

Preservation Pennsylvania calls for changes to the National Flood Insurance Program

February 12, 2015February 11, 2015 Marc

Organization adds Muncy Historical District to list of high-risk flood sites Preservation Pennsylvania, a non-profit organization, has added the Muncy Historical District to its list of sites that are at a high risk of flooding damage. The organization has taken this opportunity to call for changes to be made to the federal National Flood Insurance Program. The program is often the only place to find flood insurance in the United States and has been beleaguered by financial issues for several years. Flood damage could be a major problem for the…

Flood insurance controversy continues to brew in New York

January 30, 2015January 28, 2015 S.Vagus

Attorney General launches criminal probe into potential wrongdoings by flood insurance providers The New York Attorney General’s Office has launched an official criminal probe into accusations coming from victims of Hurricane Sandy concerning how their insurance claims were handles. Many homeowners in New York that were affected by Hurricane Sandy have had their insurance claims regarding flood damage denied by their insurance providers and have suggested that these claims were denied due to falsified engineering reports. As a result of rejected homeowners insurance claims, many consumers have suffered significant financial…

Criminal investigation launched in New York aims to bring clarity to flood insurance issues

December 24, 2014December 22, 2014 Marc

Criminal investigation will seek to uncover the issues associated with Hurricane Sandy The New York Attorney General’s Office has launched an official criminal investigation into allegations regarding government contractors and their work relating to 2012’s Hurricane Sandy. The powerful hurricane hit the state quite hard, causing millions of dollars worth of damage. The federal National Flood Insurance Program has been struggling to accommodate the cost associated with the disaster, facing allegations of rejecting claims unjustly and working with third party organizations that have mishandled insurance policies. Growing number of homeowners…

FEMA sets up a new flood insurance advocacy office

December 23, 2014December 20, 2014 Logan B.

FEMA has created a new office that will serve as a consumer advocacy group The Federal Emergency Management Agency (FEMA) has begun taking steps to form an independent advocacy office that may help people navigate the complexities of the National Flood Insurance Program. The agency was tasked with forming such an office by a flood insurance law that was passed earlier this year. Congress had already established a similar office, but did not provide the funding needed to operate it. As such, the new office being established by FEMA will…

Flood insurance refunds coming to policyholders

October 6, 2014October 4, 2014 S.Vagus

FEMA has announced that refunds will be issued for consumers covered by flood protection The Federal Emergency Management Agency has announced that refunds for those that have overpaid their flood insurance premiums will begin being delivered this week. These refunds are part of federal action that has modified a law that was enacted in 2012. The law had initially put an end to subsidies being offered by the federal government, but revisions to the law have reinstated these subsidies, and has also authorized the issuance of refunds from the Federal…