Live Insurance News

Flood insurance generates more controversy in the US

December 8, 2014December 6, 2014 S.Vagus

FEMA may push for more disclosure from flood insurance providers The Federal Emergency Management Agency (FEMA) will be examining whether or not it has the ability to force insurance companies to disclose information regarding the potential manipulation of flood insurance claims related to 2012’s Hurricane Sandy. The powerful storm battered the eastern United States, causing some $68 billion in damage, making it the second costliest hurricane in the country’s history. In the wake of the storm, many insurers have come under fire because of delayed claims payments and rejecting claims.…

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…

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…