Live Insurance News

Policyholders will pay 77 percent more in flood insurance rates, says study

September 27, 2021September 22, 2021 H. Cutner

On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…

FEMA unveils NFIP Risk Rating 2.0 with potential for cheaper flood insurance

April 5, 2021April 2, 2021 Nordstrom

NFIP Risk Rating 2.0 - Piggy Bank - Savings

The Federal Emergency Management Agency is promising reduced rates for its policyholders. The Federal Emergency Management Agency (FEMA) has unveiled its NFIP Risk Rating 2.0 pricing strategy. This is an update to the way it calculates its National Flood Insurance Program rates for its 5 million policyholders. FEMA promises that many homeowners will see a reduction in their premiums. The new NFIP Risk Rating 2.0 strategy will mean that about two out of every three older homes will see a reduction in their premiums, according to FEMA. At the same…

National Flood Insurance Program problems remain despite recent extension

October 5, 2020October 2, 2020 Nordstrom

NFIP continues to be riddled with challenges even as the White House pushed its expiry date. Last week, the White House signed a resolution to extend NFIP, but the National Flood Insurance Program problems are still there regardless. NFIP’s latest extension will keep it from expiring until September 30, 2021. Of course, giving it another year hasn’t made all the other National Flood Insurance Program problems disappear. Still, at least it has purchased another twelve months in which to protect those in high risk areas from having to go without…

Many US homeowners are shocked at how high their flood risk score really is

August 28, 2020August 26, 2020 Marc

Every American homeowner is finding out how much of a risk their property is truly facing. This month, every current and potential homeowner in the United States has access to the flood risk score of their property (or one they are considering for purchase). Many find themselves amazed at how high their property’s risk of flooding has been assessed to be. America’s flood risk score is being reassessed by First Street. This is a part of a broader effort to provide current homeowners and prospective home buyers, and the real…

Live in a Flood Zone? Protect Yourself from Water Damage

July 23, 2020 Guest Author

Around 41 million Americans live in flood zones, according to a survey by Environmental Research Letters. If you’re one of those people, you’ve likely encountered water damage in one way or another. Basements flooding, structural damage, and mold are all common after-effects of flood and water damage, made far more likely when living in a moist, flood-prone area. These factors don’t mean you have to pack up and move. With the right preparation and knowledge, dealing with flood damage doesn’t have to be scary. Here are some actions you can…