Tag: flood insurance policy

Homeowners insurance may not fully cover that awesome man cave

Julie Campbell
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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Flood insurance House vote won’t happen in 2013

G. Turner
flood insurance rates

This will hold off the ability for the chance to delay increases, an effort put forward by several states. The most recent efforts that were being made in order to hold off considerable flood insurance rate increases in some areas were spoiled, recently, when the House bill previously submitted by Rep. Bill Cassidy (R-Baton Rouge) was withdrawn by the representative, who said that no further action would be taken on the matter before 2014. This most recent action could make it much more challenging for other efforts that had a…

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Louisiana flood insurance hurts the state’s rank in “best-run states”

G. Turner
Louisiana Flood Insurance

However, a recent bill to delay the increases to the rates for this coverage could help. A recent survey conducted by a online website for financial news has taken the Louisiana flood insurance rate struggles into account among other issues faced by the state, and has slapped it with a ranking of a lousy 44th place when determining the “best-run states”. The site that ran the survey did admit that when it came to rating, it was “difficult to objectively assess”. At the same time, that website also said that…

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Flood insurance rates are on the rise in the US

S.Vagus
flood insurance bill

Financial burdens increase as flood insurance costs grow Health insurance is not the only kind of coverage that is undergoing significant changes in the U.S. Flood insurance has long been a problematic issue for many homeowners throughout the country, but this type of coverage has begun to attract more attention as homeowners and businesses begin to bear a larger financial burden. Friendly Insurance of Texas suggests that flood insurance rates for homeowners will grow, regardless of whether their properties are located in flood-prone areas or not. Policies through federal program…

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Flood insurance purchased unnecessarily due to faulty FEMA zone maps

H. Cutner
Flood Insurance

Homeowners have been purchasing the expensive coverage that they don’t actually required due to mapping errors. The maps that have been issued by the Federal Emergency Management Agency (FEMA) and which are being used by insurers and homeowners in order to decide who is required to purchase flood insurance have been found to be riddled with errors that are now causing individuals who are at no real risk of flooding to have to buy. This coverage is required by many mortgage lenders for properties designated to be at a flooding…

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