FEMA official will testify on flood insurance issues

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Florida insurance market reaches cr...
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Flood insurance continues to be a problem in the US Flood insurance rates in the U.S. are set to rise as the Federal Emergency Management Agency (FEMA) redraws vital flood maps around the country and major changes to the National Flood Insurance Program become active. FEMA has been working to address the changing risks associated with floods and natural disasters over the past few years and revising its flood maps is a major part of this process. Unfortunately for homeowners in risk-prone areas, this could mean higher flood insurance rates.…

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Flood insurance revisions may be more lax for New Jersey

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New Jersey facing down flood insurance changes coming from FEMA Earlier this month, the Federal Emergency Management Agency announced revisions to its flood maps that could have severe implications for many properties in New Jersey. The revisions were spurred by the impact of Hurricane Sandy, which caused widespread flooding in New Jersey, particularly in areas that had not been prone to floods in previous years. The flood maps are meant to assess the risks of certain properties and are often used to dictate the price of flood insurance coverage. FEMA’s…

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Flood insurance claims hitting speed bumps in New Jersey

Flood Insurance

FEMA data highlights delays in flood insurance claims The Federal Emergency Management Agency (FEMA) has begun releasing information concerning the rate at which flood insurance claims produced by Hurricane Sandy are being finalized. Since Hurricane Sandy struck the East Coast U.S. in late October 2012, flood insurance claims have been a problem for victims of the storm. The natural disaster caused widespread flooding that ruined many properties throughout the northeast, with much of the damage being localized in New Jersey. Selective Insurance highlighted by FEMA data According to FEMA, Selective…

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Flood insurance program bailout in front of Congress soon

Flood Insurance and reinsurance

As the claims from Sandy continue pouring in, the troubled federal program is about to face important decisions. The National Flood Insurance Program, the only federal coverage against flooding in the United States, will face an estimated additional $6 to $12 billion in claims as a result of Hurricane Sandy, said the Federal Emergency Management Agency (FEMA). The program can only borrow $2.9 billion more, after racking up an $18 billion debt from Katrina in 2005. Flood insurance news reports from the deputy associate administrator for federal insurance at FEMA,…

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FEMA ban on flood insurance rebates challenges by Florida insurer

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FEMA seeks to ban insurance commission rebates FEMA has come under fire recently in Florida after the agency decided to stop insurance companies from offering rebates to consumers who purchase flood insurance coverage. These rebates would have been garnished from the commission of insurance agents. Consumers purchasing or renewing flood insurance policies through the federal National Flood Insurance Program would have been eligible for these rebates. FEMA believes that these flood insurance rebates are a source of recent complaints consumers have been having regarding the National Flood Insurance Program. Insurer…

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FEMA pushes for renewal of National Flood Insurance Program

Flood insurance

NFIP set to expire without Congressional action The National Flood Insurance Program (NFIP) is scheduled to expire, once again, on May 31 of this year. The program is the primary source of flood insurance for homeowners throughout the country. Many private insurance companies either do not offer or have stopped offering flood insurance coverage in states where floods and heavy rainfall is common. As such, many homeowners rely on the federal program to protect them from natural disasters. Unfortunately, the program has been crippled by monumental debt, which has threatened…

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Newly mapped FEMA flood plain requires some Michigan residents to purchase coverage

Certain residents of Michigan have recently received letters from their mortgage companies, informing them that they will be required to purchase flood insurance, or that coverage will be bought on their behalf. This is the result of a newly mapped flood plain by the Federal Emergency Management Agency (FEMA) and affects the residents of the Frank and Poet Drain, who are currently in an uproar over the sudden cost. Since February 2012, when the new Flood Insurance Rate Maps (FIRMs) went into effect, there has been a much larger area…

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