Oregon flood insurance premiums still charged to the wrong homeowners

Flood Insurance - FEMA

The challenges that FEMA is facing within the state are clearly on the rise. Hundreds of homeowners throughout the state are finding themselves wrongly being required to pay Oregon flood insurance as they are caught up in the flaws of a system in which lenders automatically include properties located close to flooding zones in with those that are actually located in high risk areas. This means that properties nearby – but outside of – flooding zones, are deemed high risk by lenders. This is problematic for those homeowners as it…

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Flood insurance is a complex problem that may have a simple solution

flood insurance rates

Flood insurance as a federal service In the U.S., flood insurance is a complicated matter, which is growing increasingly problematic as the days go by. Flood insurance throughout the country is handled by the National Flood Insurance Program, a federal program that offers coverage that is typically less expensive than what would be offered by private insurers. The program was launched in 1968 as a way for the federal government to account for the risks associated with flood disasters and the fact that many people lived in regions that were…

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Holes in Homeowners Insurance Policies

Homeowners Insurance Rates

Homeowners insurance is something that every owner has to have. Your home might be your biggest asset and is probably the biggest purchase you will ever make, so it would stand to reason that you would want to protect it from unforeseen events that might harm it causing expensive damage. And you’re not the only one who wants to protect your home, at least while it’s still partially owned by the bank. While you are paying off your mortgage, you are also required to have homeowners insurance to protect the…

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Homeowners insurance payments for Sandy damage approved

green homeowners insurance claims payments

The victims of the superstorm will still have a wait, as the checks have been delayed for release. Almost $208 million in homeowners insurance claims payments have now been approved, in the form of approximately 6,600 checks, but they have yet to be released in order to assist those policyholders who are waiting According to Governor Andrew Cuomo, the checks are at the banks, but they haven’t been sent out. Cuomo explained that his administration is currently working with the banks in order to help to make sure that the…

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Flood insurance is not being renewed by businesses with increased exposure

Australia health Insurance

Massive premiums increases are making coverage cost prohibitive for many owners in high risk areas. Following massive flooding in Queensland, Australia, many businesses are starting to drop their flood insurance and even their property coverage at a rate that is faster than the rest of the country. This, according to a national survey that studied the rates of dropped coverage. The plummeting flood insurance and property coverage levels have been blamed on the challenges faced in certain sectors of the economy, in combination with the rapidly rising premiums following a…

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Flood insurance has new risks ahead

Flood Insurance

This federal program is already on shaky legs, but is facing even greater strains. The National Flood Insurance Program has never recovered from falling into $18 billion of debt after Hurricane Katrina in 2005, and now it is headed back toward a position where its funds are running slim as the massive reconstruction effort after Sandy begin. Estimates at this point are saying that the superstorm could lead to the second highest bill for the program. Federal flood insurance claims will likely be second only to Katrina, as 115,000 have…

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PRESS RELEASE: Smartersafer.org Urges Congressional Supercommittee to Save Taxpayer Dollars by Reforming NFIP

WASHINGTON ‒ In a letter to Senator Patty Murray (D-WA) and Representative Jeb Hensarling (R-TX), SmarterSafer.org urged the Joint Select Committee on Deficit Reduction to protect taxpayers and reduce inefficient federal spending by reforming the National Flood Insurance Program (NFIP). Murray and Hensarling are co-chairs on the committee, which is charged with finding federal deficit reduction measures. “Our diverse coalition believes that Congress could protect taxpayers and reduce inefficient federal spending by reforming NFIP,” said SmarterSafer.org in the letter. “For over 40 years, the federal government, through NFIP, has provided…

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