Live Insurance News

Homeowners band together to protest flood insurance rate hikes

July 26, 2013July 23, 2013 Logan B.

Flood insurance rates set to soar in the US Hundreds of thousands of homeowners throughout the U.S. are bracing for the impact of higher flood insurance rates as the Federal Emergency Management Agency (FEMA) makes sweeping revisions to its flood maps and federal lawmakers seek to introduce further reforms to the National Flood Insurance Program. FEMA has been slow to revise its flood maps; so much of the concern among homeowners is related to reforms that were passed last year concerning the federal flood insurance program. These reforms are scheduled…

Flood insurance struggles experienced across Canada

July 25, 2013July 22, 2013 H. Cutner

Experts are saying that insurers will attempt not to have to pay, more often than not. As a growing number of regions across Canada continue to recover from various flooding events, homeowners and business owners are discovering that making successful flood insurance claims is proving to be considerably more challenging than they had anticipated. Many people feel that their insurers are wronging them when they make their initial claims. According Yahoo Finance’s Ashleigh Patterson, more often than not, flood insurance companies will try to make an attempt not to pay…

Some could avoid flood insurance rate hikes in the US

July 22, 2013July 20, 2013 S.Vagus

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…

Flash floods in Canada put pressure on insurance industry

July 16, 2013July 13, 2013 S.Vagus

Insurance industry sees spat of floods in Canada Toronto, Canada’s largest city and the provincial capital of Ontario, has fallen victim to devastating flash floods that could have a prominent impact on the insurance industry. Catastrophe modeling firm AIR Worldwide has released a new report concerning the flash floods and the impact that have had on the city. The report notes that in a matter of hours, powerful storms produced more than 4 inches of rainfall on July 8th, leading to unexpected flooding in many parts of the city. Flood…

Flood insurance claims about to spike from massive Toronto flooding

July 12, 2013July 10, 2013 Julie Campbell

The IBC has already issued a warning to insurers of the area that there will be many filings. Following a tremendous sudden downpour in the city of Toronto in Canada, that flooded roadways, homes, businesses, subway stations, and even above ground trains, the Insurance Bureau of Canada (IBC) is warning insurers that the flood insurance claims will be many and costly. The city has never before in recorded history experienced a storm like the one that struck on Monday. In its history, only Hurricane Hazel, which struck in 1954, brought…