Tag: FEMA

John Oliver describes Flood Insurance Program failures via talking seagull

Julie Campbell
John Oliver Last Week Tonight Flood Insurance Program

As hurricanes and flooding becomes increasingly problematic Oliver brought NFIP into the spotlight. The most recent episode of HBO’s Last Week Tonight with John Oliver focused on the National Flood Insurance Program (NFIP), and its current widespread failings. This episode arrived at a time in which the issue is exceptionally relevant but isn’t necessarily in the public’s eye. NFIP is struggling from all sides and is in dire need of reform at the same time that floods plague the country. “Floods were everywhere this summer,” explained Oliver. Although they may…

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Mar-A-Lago carries NFIP flood insurance protection

Logan B.
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

Nordstrom
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

H. Cutner
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

G. Turner
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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