Flood insurance costs could be stifled by new legislation

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Relief for rising flood insurance rates could come from Louisiana Homeowners in Louisiana may find some relief from rising flood insurance rates thanks to new legislation that has been introduced to the state. This legislation seeks to reform flood insurance in Louisiana, putting an end to the increasingly costly problem that this type of coverage has caused homeowners and businesses alike for several years. Rising rates are putting homeowners under inordinate financial strain and stifling the growth of the housing market. Federal program continues to grapple with financial problems State…

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Flood insurance premiums spike has strangled home values

flood insurance

The cost of the coverage has skyrocketed upward by seven times and is holding real estate hostage. Following the rewriting by U.S. Congress of the federal flood insurance program, the monthly premiums that are paid by over 1 million homeowners in the United States are now slated to rise considerably. The result of this increase in cost for covering the homes has had a large impact on the real estate market. Due to the higher cost of flood insurance coverage in certain large areas, which has meant that the price…

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Legislation may put a halt to rising flood insurance rates in the US

flood insurance rates

Flood insurance continues to be a worrisome issue Flood insurance has become a hot topic in the U.S. with rates on the rise and FEMA’s revising of flood maps, which could have a costly impact on homeowners throughout the country. As the cost of flood insurance continues to attract attention, finding ways to solve this problem are gaining momentum. New legislation is expected to reach the U.S. Senate next week concerning the state of the country’s flood insurance program and the Biggert-Waters Flood Insurance Reform Act of 2012. Federal law…

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Flood insurance expenses cause real estate woes

flood insurance rates

New home purchases have been kicked down due to the suddenly higher premiums connected with coverage. Now that the flood insurance zoning maps have been changed by FEMA, even new home buyers who went to the effort to do their due diligence are finding that they are ending up with a losing deal. The risk zones have been changed and this is leading new home purchasers to face far higher expenses than expected. Individuals who have consulted the correct resources and who have found the designation of their homes according…

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Rising flood insurance premiums spark protests among homeowners

Flood Insurance - FEMA

Flood insurance rates prove controversial for FEMA Rising flood insurance costs may soon become a problem for the U.S. federal government. The Federal Emergency Management Agency (FEMA) has been working to revise the flood maps that determine what regions of the country can be considered “high risk” areas. According to FEMA, such areas are prone to floods that can cause significant damage to properties and are under considerable risk to falling victim to floods that are caused by storms. Revisions to FEMA’s flood maps have many implications, the most concerning…

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Flood insurance could become too expensive for South Mississippi residents

Flood Insurance

Some in the area could find that the premiums are simply too high to be able to afford it. According to Coast officials in Mississippi, the increases to the flood insurance rates could lead to financial disaster for some residents living in areas that are at a higher risk of flooding. Many are worried that the impact of this change will be a considerable one, and won’t just affect one or two. According to the planning director of Jackson County, Michele Coats, “I think it’s going to be huge.” Coats…

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Flood insurance records show Sandy is third largest

Inusrance Industry Hurricane Sandy

The Superstorm off the Atlantic is predicted to be less expensive than only Hurricanes Katrina and Ike. The damage caused by Superstorm Sandy is now predicted to be the third most expensive faced by the National Flood Insurance Program in the United States, and will have the largest amount of cost outside of the Gulf Coast region of the country. The states that were hardest hit include New York and New Jersey. According to Bloomberg Government’s BGOV Barometer, those two states are covered for nearly $100 million in flood insurance,…

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