Flood Re could provide affordable flood insurance in the United Kingdom

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Higher cost of flood insurance caus...
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UK homeowners may be able to find inexpensive policies through new government program The United Kingdom’s new flood insurance program, called Flood Re, may be able to help homeowners in high-risk flood regions acquire the coverage they need affordably. The program is designed to ensure that homeowners have effective insurance protection against floods. Currently, many homeowners are paying massive insurance premiums for their flood coverage. The UK government intends to resolve this issue with the new insurance program, which aims to provide consumers with lower premiums. Floods can cause severe…

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Lawmakers seek to postpone reforms to the National Flood Insurance Program

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Congressmen aim to halt needed reforms in order to limit the growth of premiums Federal lawmakers are looking to make changes to the National Flood Insurance Program (NFIP), but some are pushing to postpone much needed reforms. Representatives David Jolly and Gus Bilirakis have introduced a new measure that seeks to put reforms for the federal program on hold. NFIP is currently $23 billion in debt, with no practical way to repay this money. Congress has been working to resolve the program’s financial issues for some time, but proposed reforms…

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Flood insurance premiums to grow in the US

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Homeowners will face higher flood premiums as of April 1 Flood insurance premiums in the United States are set to spike on April 1. Those with coverage through the National Flood Insurance Program (NFIP) will see higher rates as the program continues to recover from its massive $24 billion debt. Much of the debt came in the wake of Hurricane Katrina and Hurricane Sandy. These two disasters caused significant financial damage, which NFIP has been unable to recover from despite action taken by Congress. Consumers believe higher rates may be…

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Lawmakers work to bring reform to the National Flood Insurance Program

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Lawmakers are fighting to change and improve NFIP Federal lawmakers are again attempting to introduce reforms to the country’s troubled National Flood Insurance Program (NFIP). Earlier this month, the House Financial Services Committee granted approval for the Flood Insurance Market Parity and Modernization Act. The legislation has won support from several lawmakers and is designed to mitigate the cost of flood protection. The legislation will also ensure that those seeking a mortgage for their property are treated the same when purchasing flood policies from the private market as they are…

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New company begins offering flood insurance policies in Florida

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Florida homeowners have another option when it comes to flood protection A new company has entered into the flood insurance market in Florida and will serve as an alternative to the National Flood Insurance Program (NFIP). Called TypTap Insurance, it is the first company licensed in Florida to focus exclusively on flood protection. Homeowners can use the insurer’s online platform to purchase the coverage they need. Typically the only place homeowners can find flood protection is through the federal program, but this is beginning to change. The flood market may…

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Record number of homeowners purchase flood insurance in California

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FEMA reports that more flood policies have been sold through NFIP this year The number of homeowners in California that have purchased flood insurance coverage has grown significantly, according to the Federal Emergency Management Agency (FEMA). This is due to worry concerning El Nino, which may result in several powerful storms in California. Heavy rainfall in the state may be good news for some, as California has been suffering from a severe drought, but this rainfall comes with the risk of flood disasters in several parts of the state. Worries…

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UK’s flood insurance program could face major risks in the future

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Rise in house building may increase the risks of flood damage for some households The demand for housing is growing rapidly in London and this could lead to a surge in flood risks throughout the city. This could place the United Kingdom’s flood insurance program, called Flood Re, under a great deal of pressure, according to researchers from the University of Oxford. Researchers believe that the number of households eligible for Flood Re coverage will grow as much as 75% in the coming years. Flood Re program will launch in…

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