Tag: flood insurance costs

National Flood Insurance Program may not withstand assault from Hurricane Sandy

S.Vagus
Flood Insurance

National Flood Insurance Program braces for massive impact from claims Hurricane Sandy has brought many issues to light in the U.S., especially those concerning climate change and the country’s energy grid. Amidst the turmoil the storm has caused, federal officials have begun evaluating ways to improve the country’s defenses against natural disasters. At its peak, Hurricane Sandy was a Category 2 storm, but dwindles to a Category 1 and tropical storm status by the time it reached the northeastern states. Despite the storm’s weakening presence, it still managed to produce…

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National Flood Insurance Program takes limelight in wake of Sandy

S.Vagus
Flood Insurance

National Flood Insurance Program could be in bad position to deal with Hurricane Sandy The National Flood Insurance Program is being put to the test in the wake of Hurricane Sandy. The federal program is responsible for the majority of flood insurance policies in the U.S., but has been facing extreme financial problems that could threaten its ability to pay claims. The program is currently crippled by massive debt and federal lawmakers have been unable to solve the problems facing the program. Now, the impact of Hurricane Sandy is finally…

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Homeowners are reminded that springtime means flood insurance

Julie Campbell

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

H. Cutner

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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