Flood insurance has new risks ahead

Flood Insurance
Florida insurance market reaches cr...
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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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Homeowners are reminded that springtime means flood insurance

With the official start of spring, while many homeowners are seeing that the dry conditions over the winter have reduced the risk of flooding, the Insurance Information Institute is reminding them that throughout the springtime, the flooding risk still remains high due to hurricanes, heavy rains, and other types of catastrophes. Homeowners, home renters, and business owners should all consider purchasing a policy that will protect them from flood, or renewing one that they have already had, to ensure that there isn’t a gap in their coverage. In the United…

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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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Many U.K. homeowners may not be able to obtain flood insurance by 2014

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

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Report highlights the potential dangers of rising sea levels

A new report from the non-profit research organization Climate Central suggests that millions of U.S. citizens are at risk of coastal flooding. The report posits that changes in the climate will result in storm surges and rising sea levels. Rising water could put nearly 5 million Americans at danger of floods by 2030. The report indicates that by 2050, flooding caused by rising sea levels will be much more widespread. This could cause serious problems for the insurance industry that has been battling a higher frequency of natural disasters over…

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Oklahoma gap insurance to fill the additional need for flood coverage

According to a news release from the Federal Emergency Management Agency (FEMA) at the U.S. Department of Homeland Security, despite the fact that flooding is the most common form of natural disaster in the country, statistics continue to indicate that individuals are ignoring this risk and are failing to purchase the gap insurance required to cover them against this circumstance. There are approximately 1.7 million households in the state of Oklahoma, and fewer than 34,000 (approximately 2 percent) of them are covered in the event of flooding, from a policy…

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UK property owners struggle to find home coverage into 2013 as flood insurance agreement ends

Approximately 200,000 U.K. homeowners face fears over a struggle to adequately insure their properties after the flood insurance agreement ends in 2013. Since 2000, the Provision of Flood Insurance Statement of Principles has been continuing an agreement between the Association of British Insurers (ABI) and the government. It states that homeowners’ insurers must make flood insurance as accessible as possible to residents of the U.K. This has make homeowners’ insurance available to customers who are living in regions with a high flooding risk. However, this agreement will end as of…

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