Mar-A-Lago carries NFIP flood insurance protection

Mar-a-Lago NFIP

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…

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Rising extreme weather risk places property insurance in uncomfortable position

extreme weather risks trend insurance industry

An increase in severe storms, flooding, wind, wildfires and other disasters are driving claims skyward. Flooding and wildfires are making massive headlines this summer and this extreme weather risk is placing considerable pressure on the property insurance industry. These types of disaster are spiking the number and cost of business and homeowners insurance claims. In fact, the extreme weather risk may have a greater economic toll on the insurance industry than any other industry in the world. Though insurers have been increasingly aware of the threat of climate change with…

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Federal flood insurance program swamped by repeat claims

federal flood insurance program stop

NFIP struggles with debate over paying one claim after the next or supporting structure elevations. The federal flood insurance is finding itself drowning in repeat claims made by the same properties that experience regular flooding. At the same time that Congress is trying to work its way through a slew of bills for reauthorizing the National Flood Insurance Program (NFIP), that same program is paying out multiple times to the same claimants. This has created a call for reducing the number of repeat flooding incidences in order to shrink repeat…

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Flood insurance premiums rise and will likely continue rising

flood insurance premiums storm news

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…

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Flood insurance program cuts may pay for Trump’s Mexican border wall

California insurance industry - flood program

Funding reductions to the Federal Emergency Management Agency (FEMA) may divert cash to cover the wall. Reports published by Politico and the Washington Post based on internal budget documents they recently obtained could mean money from the flood insurance program will be diverted to cover President Trump’s border wall between the United States and Mexico. This could mean that, when all is said and done, coastal states may end up paying for a chunk of the wall’s cost. The reports found that the Federal Emergency Management Agency (FEMA), which is…

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Flood insurance policies get the spotlight from Oroville Dam

california road - flood insurance policies

Questions are now being raised about this type of coverage as storms continually threaten nearby residents. The mandatory evacuations have been lifted for Butte County residents and now the spotlight has been placed on flood insurance policies. The spillway at the Oroville Dam has been damaged and with the storms this year, the whole area is threatened. Many people have been looking into flood insurance policies in order to make certain that their coverage will protect them against the risk of a torrent released by the damaged spillway. This problem…

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New FEMA maps may lead to more flood insurance policy sales

Flood Insurance Policy Water

A higher number of homeowners may soon find themselves being required to purchase coverage. In Tennessee, many homeowners who have never had to purchase a flood insurance policy before might find that situation changing. The Federal Emergency Management Agency (FEMA) has updated its flood maps and in certain counties, this has meant considerable change. For instance, in Davidson county, Tennessee, over 4,400 properties are newly considered to be in high risk zones. This means that thousands of property owners are also finding themselves in need of a flood insurance policy…

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