Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood

A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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Missouri homeowners insurance rates rise 76 percent in ten years

Missouri homeowners insurance - coins and house

A new analysis has revealed that residents are watching premiums rise faster than most other states. Missouri homeowners insurance rates have been climbing at a faster rate than most other US states over the last ten years due to the severe weather affecting the region. A new analysis has measured the growth in rates Missourians are paying as 7th fastest in the country. The QuoteWizard analysis measured the Missouri homeowners insurance rate growth at 76 percent across the last decade. “When insurance companies take a loss, they compensate for that…

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Buy flood insurance now as opposed to waiting, says FEMA

Buy Flood Insurance - Flood Waters - Caution sign

The Federal Emergency Management Agency is telling people not to delay before purchasing coverage. FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage. The policies to which FEMA referred are through the National Flood Insurance Program. Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a…

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The federal flood insurance program is broken and the repairs will be costly

Federal Flood Insurance - US Congress

NFIP is now fifty years old but the program has not undergone a healthy aging process. The subsidized federal flood insurance program is half a century old and is in dire need of fixes – or potentially a complete overhaul – that will, unfortunately, be unavoidably expensive. The National Flood Insurance Program (NFIP) has become increasingly costly and unsustainable. Federal flood insurance faced its second highest ever claim year in 2017. Hurricanes Florence, Harvey ad Michael placed the spotlight back onto the NFIP’s fundamental flaws. Insurance industry models show a…

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Flood insurance extension to be approved through new spending package

Flood Insurance Extension - Flooding

The good news, however, may only extend until July when a new deadline may approach once more. A new flood insurance extension will take the pressure off the program for another four months. The $1.3 trillion federal spending deal will give the National Flood Insurance Program (NFIP) another reprieve. This is the fourth temporary extension the NFIP has experienced since September 2017. Washington lawmakers have now given themselves until July to either create another flood insurance extension or overhaul the NFIP. The alternative would be to allow the country’s flood…

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Tropical Storm Cindy provides this year’s flood insurance reality check to homeowners

Tropical Storm Cindy flood insurance

Property owners who didn’t heed warnings at the start of the hurricane season are thinking again. From the point that Tropical Storm Cindy received its name, it was already too late for homeowners to buy flood insurance for coverage against any damage it may cause. This was the warning government officials issued at the start of the hurricane season, but the message always reaches too few. The severe weather is expected to bring a foot of water, along with high winds, to Louisiana and Texas. Tropical Storm Cindy brought several…

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West Virginia flood insurance rare despite increased risk

West virginia Flood Insurance Coverage

The vast majority of homeowners don’t have coverage against the most expensive type of natural disaster. West Virginia flood insurance has yet to become commonplace in that market. That is problematic when taking into account the fact that flooding is the fastest growing form of natural disaster. Moreover, it is also the most costly form of natural disaster in the state. In the majority of West Virginia counties, not even one percent of households have this insurance coverage. Not even a month after deadly flooding struck a great deal of…

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