cost of flood insurance Archives » Live Insurance News

Flood insurance premiums rise and will likely continue rising

April 11, 2017April 7, 2017 G. Turner

Homeowners seeking to purchase coverage against overland flooding will be paying more as of this month. Changes that took effect on April 1 are sending flood insurance premiums skyward. This applies to homeowners who already have coverage against flooding as well as those who are buying it for the first time. National Flood Insurance Program rates rose by an average of approximately 6 percent this month. As a result, the average annual flood insurance premiums are now around $878. This doesn’t include a number of different types of surcharge which…

Trump’s flood insurance surcharge meets solid resistance from Jersey Shore

March 29, 2017March 27, 2017 Marc

Hurricane Sandy Damage flood Insurance surcharge

Three federal lawmakers from that area say they will fight the proposal they’re calling unreasonable. Jersey Shore congressmen aren’t pleased about the proposed flood insurance surcharge the Trump administration has put forward. As a result they’ve said they intend to fight the proposal in order to stop what they feel is an unreasonable cost increase. The lawmakers said the surcharge for the insurance coverage will only cause more suffering. U.S. Congressmen Tom MacArthur (R-03), Frank A. LoBiondo (R-02) and Frank Pallone, Jr. (D-06) have agreed that the flood insurance surcharge…

Flood insurance bill is now a law with Obama’s signature

March 24, 2014March 24, 2014 G. Turner

The President has now signed the long awaited and fought for legislation to help to keep coverage affordable. President Barack Obama officially added his signature to the hard fought legislation, turning the flood insurance bill into a law and making certain that the increases in premiums would not rise by any more than 18 percent per year. This was not legislation that came about easily or without considerable controversy. Senator Mary Landrieu (D – Louisiana), was among the bill’s most vocal and adamant supporters. She received a call early in…

Flood insurance rate increases front and center in Scott and Obama talks

February 28, 2014February 25, 2014 H. Cutner

The governor had the opportunity to speak to the White House this week in a meeting with the President. Governor Rick Scott or Florida has been making a tremendous effort to try to put the spotlight on the issue of the increases in flood insurance rates which have impacted many states, among which his own has been one of those hit the hardest. He finally received an ideal chance to address this topic with the President, this week, at the White House. As a result of a law passed in…

UK flood insurance could cost insurers at least £500 billion

February 14, 2014February 11, 2014 G. Turner

This expense could rapidly double if the disastrous weather conditions keep up in the country. The latest data from a Deloitte LLP partner is showing that the storms and flooding that are pounding on the country – one after the next – could cost the home, auto, and UK flood insurance industry a minimum of £500 million. That is only considered to be a starting point as the cost could end up being much higher. This amount, which is about $822 million, could double, according to the partner, James Rakow,…

All About Flood Insurance – What you need to know

November 30, 2013April 19, 2014 Guest Author

Floods occur in every state in the United States. Recent flooding in Colorado resulted in multiple fatalities and property damage estimated at more than two billion dollars. Amidst the tragedy there are reports that 10 to 25 percent of Colorado homes have separate flood insurance policies. Six percent of the 77,000 detached homes in oulder County had flood insurance, only 2.3 percent of El Paso County single-family homes (170,000) had insurance for floods, and only 1.5 percent of Larimer County’s 90,000 homes were covered against floods. Flood insurance is an…

Flood insurance prices may ease for Tampa Bay homeowners

November 27, 2013November 25, 2013 H. Cutner

Residents of the area had been expected to pay up to ten times more for coverage, but this may not be the case. Homeowners living in the Tampa Bay area who were feeling increasing concern about flood insurance prices that could soon be skyrocketing may now be breathing a great deal easier with the chance that relief may be on its way. Over the last few months, the cost of this type of coverage was sent skyward in the region. Homeowners found themselves facing flood insurance bills that they couldn’t…

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