The federal flood insurance program is broken and the repairs will be costly

Federal Flood Insurance - US Congress

NFIP is now fifty years old but the program has not undergone a healthy aging process. The subsidized federal flood insurance program is half a century old and is in dire need of fixes – or potentially a complete overhaul – that will, unfortunately, be unavoidably expensive. The National Flood Insurance Program (NFIP) has become increasingly costly and unsustainable. Federal flood insurance faced its second highest ever claim year in 2017. Hurricanes Florence, Harvey ad Michael placed the spotlight back onto the NFIP’s fundamental flaws. Insurance industry models show a…

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Florida may become home for private flood insurance

Marco Island Florida Flood Insurance

Florida lawmakers seek to open up the market to private insurers Flood insurance rates may remain stable in the U.S. for a time as federal lawmakers begin investigating ways to reform the federal program that provides flood protection, but many homeowners are still concerned about the financial impact of flood coverage and the federal program’s ability to actually honor the policies it represents. The National Flood Insurance Program is currently crippled by massive debt. While the program has been able to pay claims thanks to the support of emergency spending…

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Flood insurance continues to cause problems for homeowners and realtors

flood insurance rates

Insurance woes continue to mount for many Flood insurance has become a controversial issue in the U.S. The problems the country is facing in terms of insurance coverage are linked heavily to the National Flood Insurance Program. The majority of homeowners throughout the country currently receive their flood protection from the federal program, but the program itself has been crippled by financial calamities that emerged over the past several years. FEMA, which manages the flood program, has been working to resolve these issues while also redrawing its flood maps, and…

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Flood insurance hike delay strategy in the works by lawmakers

coastal flood homeowners insurance

A bipartisan effort to delay the rate increases by four years is trying to ensure that coverage will remain affordable. A bipartisan lawmaker group is now in the midst of an effort to delay the changes to the federal flood insurance program for another four years, as they are currently threatening to stick thousands of homeowners with hikes to their premiums that they will not be able to afford. This move has been made at a time in which the government is lining up to make a massive overhaul of…

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Flood insurance leaves many in Staten Island unimpressed

Flood Insurance payments

Floodwaters are leaving homeowners battling with insurers to try to receive damage payments. Many people in Staten Island said that they knew that their homeowners policies weren’t enough to cover them against the damage that could come from floodwaters, but those who went ahead and purchased flood insurance are finding themselves frustrated as they must still battle to recover their losses. Many homeowners in the region are finding that the payments they are receiving are falling far short of the expense. In one instance of an Adams Avenue homeowner –…

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Flood insurance program takes a scolding from New Jersey governor

new jersey flood insurance

He stated that claims to the federal program were being paid far too slowly to NJ residents. Governor Chris Christie has spoken out against the federal flood insurance program’s handling of the claims made by New Jersey residents following the Superstorm Sandy’s devastation of many of its areas at the end of October 2012. He said that the claims that were made to the federal program were not being paid in a reasonable time. Though the governor had previously criticized the rate at which the flood insurance payments were being…

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Flood insurance premiums will be on the rise for many in 2013

Flood Insurance

Homeowners in New Jersey are finding that it may not be long before the cost of flooding coverage increases. The Federal Emergency Management Authority (FEMA) held a meeting on January 10, 2013, which was attended by leaders and representatives from local municipalities from New Jersey, at which they were informed that the owners of non-primary residences that were constructed before 1968 would soon see a whopping 25 percent increase to their flood insurance premiums. The rate increase was set to become effective as of January 1 in order to offset…

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