Tag: flood insurance program

Borrowing limit on National Flood Insurance Program raised by congress

Dan
National Flood Insurance Program rates

The National Association of Professional Insurance Agents (PIA) applaud the congressional action taken on January 4, 2013 to raise the borrowing limit for the NFIP, sending relief to badly damaged areas of the northeast still suffering after hurricane Sandy. A hearing on funding to help flood relief victims was scheduled for January 1, but was canceled by Speaker John Boehner (R-OH) just moments after the so-called fiscal cliff deal was approved by the House of Representatives. Lawmakers and politicians in the northeast protested, most notably Gov. Chris Christie (R-NJ) and…

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Flood insurance approval for $9.7 billion in claims from U.S. Congress

Flood Insurance

The final congressional nod was achieved when the Senate passed the bill on Friday. The new United States Senate has now passed a bill for $9.7 billion which has brought about the final approval of Congress to assist in the payment of flood insurance claims for businesses, homeowners, and renters whose properties were damaged by Superstorm Sandy when it hit at the end of October 2012. This has replenished the funds for NFIP, which were reaching urgently low levels. The National Flood Insurance Program (NFIP) was predicted to run dry…

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National Flood Insurance Program may be helping preparedness for the impact of climate change

flood insurance

National Flood Insurance Program reform promotes preparedness Changes made to the National Flood Insurance Program earlier this year may help prepare the country for the risks it faces from powerful natural disasters in the future. It is no secret that the National Flood Insurance Program is having trouble, and has been struggling to overcome financial turmoil since 2005’s Hurricane Katrina. In June of this year, Congress approved an expansive overhaul of the program, which extended its lifespan for another five years and closed numerous loopholes that have led to the…

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Flood insurance gaining more attention in UK

Nordstrom
Flood Insurance

Storms again thrust flood insurance into the limelight British insurance companies continue to clash with the government as floods throughout the United Kingdom continue to draw attention to the need for a comprehensive flood insurance plan. Insurers have been backing the Flood Re program for the some, which aims to provide coverage for some 200,000 consumers that could lose coverage if the insurance agreement currently in place is allowed to expire. Flood Re is meant to replace this agreement, but the government continues to show concern over the financial prospects…

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Flood insurance records show Sandy is third largest

Julie Campbell
Inusrance Industry Hurricane Sandy

The Superstorm off the Atlantic is predicted to be less expensive than only Hurricanes Katrina and Ike. The damage caused by Superstorm Sandy is now predicted to be the third most expensive faced by the National Flood Insurance Program in the United States, and will have the largest amount of cost outside of the Gulf Coast region of the country. The states that were hardest hit include New York and New Jersey. According to Bloomberg Government’s BGOV Barometer, those two states are covered for nearly $100 million in flood insurance,…

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