New FEMA maps may lead to more flood insurance policy sales

Flood Insurance Policy Water

A higher number of homeowners may soon find themselves being required to purchase coverage. In Tennessee, many homeowners who have never had to purchase a flood insurance policy before might find that situation changing. The Federal Emergency Management Agency (FEMA) has updated its flood maps and in certain counties, this has meant considerable change. For instance, in Davidson county, Tennessee, over 4,400 properties are newly considered to be in high risk zones. This means that thousands of property owners are also finding themselves in need of a flood insurance policy…

Read More

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…

Read More

Flood insurance companies in France could face over $2 billion in losses

France flood insurance companies - Seine June 2016

The rising Seine River has caused water to rush overland and this flooding is expected to be very costly. The government of France has declared the flooding of the Seine to be a national disaster today, which has laid the path for flood insurance companies to begin the process for claims filings and payments for their policyholders. The Seine River has started to recede after having reached its highest level, making assessments possible. Flood insurance companies met with the French government this week to help to assess the damage left…

Read More

Flood insurance premiums to grow in the US

flood insurance news

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…

Read More

Canadians wrongly feel they have flood insurance with their homeowners policies

flood insurance storm damage

A recent study has found that 65 percent of people in that country believe they have protection they don’t. A recent survey conducted by Square One has determined that among the 1,500 Canadian participants, 65 percent erroneously believed that they had flood insurance included within their homeowners policies. This misconception about the coverage was more common in some provinces than it was in others. For instance, homeowners insurance customers living in Manitoba were the most likely to think they were protected against overland flooding. Equally, those in Saskatchewan were the…

Read More

Californians should purchase flood insurance, says FEMA

flood insurance bill

The Federal Emergency Management Agency says residents of the state need the coverage ahead of El Nino this winter. Officials from FEMA have been urging residents of California to buy flood insurance to cover their homes against damage from rising waters that are very likely in some areas this winter as it is predicted that there will be a strong El Nino. FEMA is advising Californians to purchase these policies regardless of whether they are in the highest risk areas. In fact, the recommendation for purchasing flood insurance has been…

Read More

Flood insurance policy ownership plummets in California

flood insurance policies

Due to the ongoing droughts, Californians just don’t see the reason to pay for this coverage. As both state and local officials have now been saying that the droughts that California has been facing may, in fact, be a “new normal” for the state, flood insurance ownership has fallen by 12 percent. An estimated 30,000 insurance policies have been cancelled as they are no longer viewed as worth the price. The decrease by 12 percent has happened from 2012 until now. The reason is that the reduction in rainfall and…

Read More

Agents see surge in interest regarding flood insurance

flood insurance bills debt money

Consumers are becoming more interested in flood protection Agents are making note of a surge in flood insurance sales as homeowners seek protection from disastrous events. Recent storms have caused floods in several parts of the country, and many people affected by these disasters have learned that their homeowners insurance policies do not offer the protection they need. Most typical homeowners policies do not offer flood protection, which can only be found through the National Flood Insurance Program, managed by the Federal Emergency Management Agency. Homeowners may be too slow…

Read More

FEMA to review rejected flood insurance claims

fema flood insurance law

FEMA will be reviewing claims associated with Hurricane Sandy The Federal Emergency Management Agency (FEMA) has announced that it will begin reviewing flood insurance games that are related to Hurricane Sandy. In late October of 2012, a powerful storm struck the eastern United States, causing severe damage to properties with its strong winds. The majority of the damage caused by the storm came from flooding, however, and many homeowners found themselves in a difficult situation due to their lack of flood insurance coverage. Homeowners find that their policies do not…

Read More

Flood insurance refunds coming to policyholders

flood insurance rates

FEMA has announced that refunds will be issued for consumers covered by flood protection The Federal Emergency Management Agency has announced that refunds for those that have overpaid their flood insurance premiums will begin being delivered this week. These refunds are part of federal action that has modified a law that was enacted in 2012. The law had initially put an end to subsidies being offered by the federal government, but revisions to the law have reinstated these subsidies, and has also authorized the issuance of refunds from the Federal…

Read More