Tag: flood insurance policies

Flood insurance could soon be mandatory for 35,000 property owners in New York

Dan
Flood Insurance Flood Map

FEMA introduces revised flood maps that could expand flood insurance requirements The Federal Emergency Management Agency (FEMA) has introduced new flood maps for the East Coast U.S. this week that could force many property owners and businesses to purchase flood insurance coverage. The federal agency has been working to revise flood maps over the past two years, addressing some of the emerging threats that have been brought to light by powerful storms, such as Hurricane Sandy. These storms have caused widespread flooding in many parts of the East Coast and…

Read More

National Flood Insurance Program may be ready for a bailout

Dan
UK Flood Insurance

FEMA weighs bailout option for National Flood Insurance Program Though Hurricane Sandy has passed, the Federal Emergency Management Agency (FEMA) is still in the throes of managing the impact of the natural disaster. One of the most significant problems facing the industry in the wake of the powerful storm is the damage it has done through flooding. Floods fall squarely in the realm of the National Flood Insurance Program, a federal insurance provider that accounts for the vast majority of the country’s flood insurance policies. FEMA may be pressured to…

Read More

More than 200,000 UK homes at risk of losing flood insurance coverage as agreement between the government and insurers comes to an end

H. Cutner

More than 200,000 homes in England and Wales could go uninsured once a pact between the nation’s flood insurers and government comes to an end in 2013. The Association of British Insurers (ABI) has warned that these homes would have profound difficulty in attaining new flood insurance policies once the agreement comes to a close. The ABI has been examining data provided by the UK’s Environment Agency regarding the potential for severe floods in both regions of the country. The issue has highlighted a major problem in the UK’s insurance…

Read More

Consumer advocates encourage president Obama to speak out on NFIP during State of the Union address

S.Vagus

President Obama will be delivering the annual State of the Union address this week on the 24th of January. In the past, the president has used this occasion to highlight some of the major issues that have put the nation on edge. He has also outlined plans legislators have come up with to fix a number of these problems. This year, consumer advocates from SmarterSafer.org are urging the president to make a statement regarding the state of the National Flood Insurance Program (NFIP). Thousands of people get their flood insurance…

Read More

New York insurance regulators still contending with FEMA over insurance claims generated by Hurricane Irene and Tropical Storm Lee

Marc

In the wake of Hurricane Irene and Tropical Storm Lee, New York insurance regulators have been inundated with consumer complaints regarding claims. State regulators have been aggressively pressuring insurers and FEMA to resolve complaints and pay out claims, but their actions have run afoul of federal regulators who claim that the state is over stepping its boundaries. In October, FEMA issued a statement regarding the New York Department of Financial Services, decrying the department’s efforts in obtaining information from insurance companies. State regulators, in response, have only continued to work…

Read More