Tag: flood insurance program

Flood Insurance is a Problem in the U.S.

Note From The Editor
flood insurance residential homeowners

Flood insurance remains a problematic issue that relatively few people are paying attention to in the United States. For homeowners, this type of insurance coverage comes from the federal government, issued through the National Flood Insurance Program (NFIP). This program is managed by the Federal Emergency Management Agency. NFIP is typically the only place to find flood protection, but the program is suffering from crippling debt and management issues that make it less than ideal for those wanting to be protected from natural disasters. An estimated 20% of homeowners throughout…

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Senator calls for reforms to National Flood Insurance Program

Nordstrom
FEMA flood insurance

Insurance reform may be needed in order for federal program to survive Flood insurance continues to be a concerning issue in the U.S., where flood coverage is primarily provided through the National Flood Insurance Program, which is managed by the Federal Emergency Management Agency (FEMA). The federal program has become crippled by debt following powerful hurricanes that caused widespread flooding in some parts of the country. This debt has been augmented by the impact of Hurricane Sandy. Those living in the states hit hardest by this powerful disaster are still…

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Flood insurance companies sued by almost 1,000 Sandy victims in New Jersey

H. Cutner
Hurricane Sandy Damage flood Insurance surcharge

Lawsuits have been filed by hundreds of homeowners in the state since late last year. According to a recent report based on data from the U.S. District Court Clerk’s Office, close to 1,000 victims of Hurricane Sandy have filed lawsuits against their flood insurance companies since late in 2013. The same report claims that the number of lawsuits will likely double within the next 12 months. The data showed that in New Jersey, there had been 974 flood insurance lawsuits filed, by the time the report was released. That said,…

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Flood insurance may be set for reform in Alabama

Logan B.
flood insurance

New legislation seeks to address problems with insurance coverage New legislation in Alabama could have a major impact on flood insurance throughout the state. Currently, homeowners throughout the state must rely on the National Flood Insurance Program in order to find the protection that they need. The program, however, is riddled with debt and has come under fire for its inability to pay claims effectively. Moreover, coverage through the federal program is becoming significantly more effective for many people throughout the country. The problems with the federal program have lead…

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Flood insurance bill is now a law with Obama’s signature

G. Turner
Flood homeowners Insurance Program

The President has now signed the long awaited and fought for legislation to help to keep coverage affordable. President Barack Obama officially added his signature to the hard fought legislation, turning the flood insurance bill into a law and making certain that the increases in premiums would not rise by any more than 18 percent per year. This was not legislation that came about easily or without considerable controversy. Senator Mary Landrieu (D – Louisiana), was among the bill’s most vocal and adamant supporters. She received a call early in…

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