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…

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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…

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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…

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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…

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Flood insurance isn’t protecting most homeowners in Arizona

flood insurance program

The majority of property owners in the state do not have this coverage, but some are starting to change their minds. The majority of homeowners across Arizona have been learning an important lesson about flood insurance over the last few weeks as they discover that this protection is not included as a part of the standard home policy. After the recent downpours, it is still likely that most Arizonans won’t buy the coverage, but some will. Many homeowners are hopeful – and quite expect – that if something should happen,…

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Flood insurance coverage fails Detroit homeowners

West virginia Flood Insurance Coverage

Many metro Detroit homeowners will not receive compensation for damage caused by flooding. The aftermath of last week’s flooding in metro Detroit, most of which was the cause of sewer backups, has left a number of homeowners in the area with flooded basements and, much to the dismay of many of these residents, they learned that most flood insurance does not cover damaged objects, such as furniture, fridges, computers, and televisions. Some structures in the basement are covered and some are not. According to FEMA guidelines, ordinary federally supported flood…

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Homeowners insurance may not fully cover that awesome man cave

Man cave basement homeowners insurance

Creating that amazing retreat in your basement may seem like a clever reno until floodwaters rise. While adding a great man cave is becoming a more common renovation in many homes across the country, what isn’t becoming as popular is the understanding that standard homeowners insurance may turn that beloved space into one of the most costly financial liabilities in a family’s residence. There are several reasons to explain why coverage may not fully protect this basement room. According to the 2014 Cost vs. Value Report issued by Remodeling Magazine,…

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