House Republicans pass flood insurance bill to overhaul NFIP

flood insurance bill

Bipartisan opposition was overcome and the bill was passed to continue helping policyholders at risk of flooding. A controversial flood insurance bill has been passed in the House as Republicans overcame bipartisan opposition. This legislation will both reauthorize and overhaul the National Flood Insurance Program (NFIP). The program is currently facing considerable strain following a highly active hurricane season. NFIP was forced to pay billions of dollars to policyholders this year after several hurricanes made landfall in the United States. The House passed the flood insurance bill in a vote…

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Home flood insurance for high risk properties may be cancelled

home flood insurance coverage

Congress is currently looking at the National Flood Insurance Program and coverage for troublesome locations. The United States Congress may soon take the axe to home flood insurance coverage for properties that are regularly flooded. It is looking specifically at the way communities deal with some of the properties that flood the most. They are the locations that make the most frequent National Flood Insurance Program (NFIP) claims and receive the most payouts. New bipartisan legislation could require communities to handle repeated loss patterns from flooding. The existence of home…

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Flood insurance bill is now a law with Obama’s signature

Flood homeowners Insurance Program

The President has now signed the long awaited and fought for legislation to help to keep coverage affordable. President Barack Obama officially added his signature to the hard fought legislation, turning the flood insurance bill into a law and making certain that the increases in premiums would not rise by any more than 18 percent per year. This was not legislation that came about easily or without considerable controversy. Senator Mary Landrieu (D – Louisiana), was among the bill’s most vocal and adamant supporters. She received a call early in…

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Flood insurance bill is now in the President’s hands

flood insurance policies

After having cleared Congress last Thursday, Obama is now set to sign this bill to provide relief to homeowners. President Barack Obama now has the flood insurance bill in front of him, waiting to be signed, in order to provide homeowners within higher risk neighborhoods with some relief from what could have been massive increases to their coverage premiums. This legislation, when signed, will reverse a large portion of the 2012 NFIP overhaul. The changes to the National Flood Insurance Program (NFIP) had considerable support at the time that the…

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Flood insurance rate hike delay voted through by Senate

flood insurance storm damage

As was predicted, the United States Senate has now given their approval to hold back the rising prices. Many states, particularly those with coastlines, have been expressing outrage from their homeowners as flood insurance rates have been threatening to skyrocket as a result of a law that would have forced the increases. However, the Senate has now passed a bill that would stop some of the law’s increase forcing elements. The flood insurance bill was passed with a vote of 67 to 32. This was a direct result of a…

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