Flood insurance available in Canada for the first time

Calgary alberta flood insurance

The coverage is now becoming available in Calgary, with memories of last year’s devastation still fresh. One Calgary insurer is now providing flood insurance in the city, representing a first in the entire industry across Canada, which does not currently provide overland flooding protection anywhere else. This specific type of policy covers damage from rising waters, as opposed to broken pipes or a leaky roof. This overland flood insurance is now being offered to businesses in Calgary. That said, the insurance industry in the country has decided that this is…

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Flood insurance claims will reach $4 billion in Germany

Flood Insurance News

The waters of the Danube have now swelled outward to the point that they are headed for Serbia. The latest predictions have suggested that the damage that has occurred due to the rising floodwaters in Germany are likely to bring about flood insurance claims that will reach €3 billion (approximately $4 billion). This, according to a credit rating agency’s forecasts regarding the claims made from the water damage. Though the Elbe river’s levels appear to be stabilizing in the north of Germany, further to the south, the flood insurance issues…

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Flood insurance program changes could increase rates

Flood Insurance

The national program will be facing some alterations and this could impact the amount paid for coverage. As today is the official start of the hurricane season and homeowners are being cautioned that there are some changes that are on the way for the National Flood Insurance program (NFIP) because it could impact the rates that they are paying. This is especially true in areas of considerably higher risk, such as in the South of Florida. The flood insurance claims that came swamping in following Superstorm Sandy made FEMA have…

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Insurance industry urging American residents to buy flood coverage

flood insurance rates

The I.I.I. has officially released a statement to remind home and business owners of hurricane season. With less than a month before the start of the Atlantic hurricane season, officials from an insurance industry group are reminding homeowners, business owners, and renters in at risk areas that they should be considering flood policies. The reminder includes the fact that standard home and business policies do not include flooding. The Insurance Information Institute (I.I.I.) has reinforced its insurance industry statement by pointing out that predictions are that the hurricane season could…

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Flood insurance has new risks ahead

Flood Insurance

This federal program is already on shaky legs, but is facing even greater strains. The National Flood Insurance Program has never recovered from falling into $18 billion of debt after Hurricane Katrina in 2005, and now it is headed back toward a position where its funds are running slim as the massive reconstruction effort after Sandy begin. Estimates at this point are saying that the superstorm could lead to the second highest bill for the program. Federal flood insurance claims will likely be second only to Katrina, as 115,000 have…

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