Live Insurance News

Flood Insurance is a Problem in the U.S.

September 13, 2014September 12, 2014 Note From The Editor

Flood insurance remains a problematic issue that relatively few people are paying attention to in the United States. For homeowners, this type of insurance coverage comes from the federal government, issued through the National Flood Insurance Program (NFIP). This program is managed by the Federal Emergency Management Agency. NFIP is typically the only place to find flood protection, but the program is suffering from crippling debt and management issues that make it less than ideal for those wanting to be protected from natural disasters. An estimated 20% of homeowners throughout…

Senator calls for reforms to National Flood Insurance Program

September 12, 2014September 11, 2014 Nordstrom

Insurance reform may be needed in order for federal program to survive Flood insurance continues to be a concerning issue in the U.S., where flood coverage is primarily provided through the National Flood Insurance Program, which is managed by the Federal Emergency Management Agency (FEMA). The federal program has become crippled by debt following powerful hurricanes that caused widespread flooding in some parts of the country. This debt has been augmented by the impact of Hurricane Sandy. Those living in the states hit hardest by this powerful disaster are still…

Flood insurance refunds are on their way

August 22, 2014August 19, 2014 S.Vagus

FEMA is issuing $100 million in insurance refunds to homeowners throughout the US The U.S. Federal Emergency Management Agency (FEMA) is issuing some $100 million in flood insurance refunds to policyholders receiving coverage through the National Flood Insurance Program (NFIP). The agency is issuing refunds to those that have overpaid for their coverage due to the provisions of the Biggert-Waters Act, a legislation that caused a significant spike in insurance premiums over the past year. The initial wave of refunds should begin on October 1 and the last refunds are…

National Flood Insurance Program falls under federal scrutiny yet again

August 1, 2014July 31, 2014 S.Vagus

Federal insurance program could be more harm than help to homeowners The National Flood Insurance Program in the U.S. has come under fire once again. Senator Bob Menendez has said that the federal program is “stacked against homeowners” that attempt to file claims in the wake of major natural disasters. Following 2012’s Hurricane Sandy, many homeowners in New York and New Jersey were left without financial aid because of the faults of the federal insurance program. Some of these homeowners had flood protection, but had to wait for months before…

Flood Insurance and Catastrophe

July 26, 2014July 25, 2014 Note From The Editor

Flood insurance is not something that many homeowners have, but they don’t necessarily know that they don’t have it. This is because flood protection is not a part of a conventional homeowners insurance policy. Most homeowners have to have insurance protection due to the provisions of their mortgage, but few people take the time to understand their policy and what protections it offers. As such, many people are often left at the mercy of natural disasters. In the United States, flood insurance is within the jurisdiction of the federal government.…

Flood insurance rates set to rise in Florida

July 14, 2014July 12, 2014 Logan B.

Florida homeowners will be hit with double-digit rate increases later this year Flood insurance rates in Florida are set to increase yet again. Thousands of homeowners throughout the state are likely to see higher rates in the coming months as the National Flood Insurance Program continues to raise rates throughout the country. These rates are based on flood maps devised by FEMA. The federal agency has been making revisions to these flood maps recently in order to better account for the changing risks associated with natural disasters and provide insurance…

Homeowners granted extension to file flood insurance claims

July 9, 2014July 8, 2014 Nordstrom

Federal program extends the claims deadline for homeowners affected by recent powerful storms Recent storms in the U.S. have caused quite a bit of flooding in some parts of the country. For homeowners, this has been a headache, as these floods have resulted in property damage. Assessing this damage can be a time consuming process, so the National Flood Insurance Program has extended the deadline for those wishing to file claims for the damage caused by severe stores in late April and Early May. Extension allows homeowners more time to…