Lawmakers approve flood insurance legislation delaying rate increases

flood insurance

Rate increases to be delayed until 2015 Federal lawmakers in the U.S. have approved legislation that will delay any large flood insurance rate increase throughout the country until 2015. This is being considered a major victory for homeowners in states like Florida and Louisiana, where flood coverage was quickly becoming impossible to afford. The approval of this legislation comes after several months of homeowners and businesses pressuring lawmakers to take action on the issue of flood insurance coverage. Lawmakers were not expected to take action on the issue until much…

Read More

Some could avoid flood insurance rate hikes in the US

flood insurance rates

New measure could provide reprieve from flood insurance rate increases Hundreds of thousands of homeowners in the U.S. could be facing higher flood insurance costs due to legislation that was passed last year. Earlier this week, however, a measure was introduced to the Senate that could give homeowners as much as a one-year reprieve from higher flood insurance rates. The measure has managed to gain strong support from legislators who believe it is in the best interests of consumers, many of whom have been suffering from the financial pressures associated…

Read More

Flood insurance legislation filed by U.S. Senator

flood insurance rates

The goal is to delay the rate hikes for the coverage to help businesses and residents prepare. This week, U.S. Senator Mary Landrieu (D-Louisiana) has filed legislation with the purpose of delaying increases in flood insurance premiums in order to help to provide homeowners and businesses to deal with the current repairs from previous damage and then prepare for the higher costs that they will be facing to continue their coverage. Officials feel that the cost of these policies could skyrocket in many areas before the end of the year.…

Read More

Flood insurance rate hike opposed by congressmen

flood insurance rates

Several have called for a delay to the increase in the premiums for coverage against floodwater damage. A growing number of congressmen are now working together to help to delay the increases in flood insurance rates for victims of Superstorm Sandy through the introduction of a new bill. The congressmen were working together to introduce the bill to boost the timeline before the increases. So far, the congressmen involved in the introduction of the Flood Victim Premium Relief Act 2013 (H.R. 960) include Congressmen Michael Grimm and Gregory Meeks, who…

Read More

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…

Read More