New FEMA flood maps may lower insurance rates, homeowners will have to wait a year to find out

Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…

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NAMIC asks congress not to end federal flood insurance program

In response to the amendment filed by Rep. Candice Miller (R-Mich) to the HR 1309 (the National Flood Insurance Program), called the Flood Insurance Reform Act of 2011, which would end the program, the National Association of Mutual Insurance Companies (NAMIC) has asked Congress not to proceed forward.   According to senior vice president of federal and political affairs Jimi Grande, of NAMIC, “Eliminating the National Flood Insurance Program is the worst policy option out there.”   He explained that while the National Flood Insurance Program (NFIP) is not perfect, it is…

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National Flood Insurance Program on financial shaky ground

On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…

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New flood map ratings for Alabama residents

Legislators in Baldwin, Alabama, are working toward a measure that would add $478,000 annually to flood insurance premium savings for its residents. Baldwin first entered the Community Rating System in 1995 in order to obtain better flood insurance rates on behalf of its residents. According to the system, counties that fare well in rating are eligible for discounts for insurance in the categories they score well in. Baldwin currently ranks 7 out of 10, and enjoys a 15% discount in rates. These numbers could increase if the county’s proposed modifications…

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FEMA encourages flood insurance for spring season

The high season for flooding is from February to the end of April. All depending on temperatures and predictions of record rain fall, there are many areas that are considered high risk by FEMA, the Federal Emergency Management Agency. FEMA is paying special attention to Davison County in South Dakota. On Friday, the agency released a warning: a 98% chance of minor to moderate flooding, with at least a 50% chance of major flooding. This area is home to over 20,000 people and the biggest threat is the rising waters…

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Flood map errors costing consumers thousands!

The Federal Emergency Management Agency, also known as FEMA, is in charge of mapping out areas for high risk flood zones, but are some of these maps wrong? Banks require flood insurance on homes in these flood zones and many are paying steep prices for what could be old information or even human error! These maps are used to determine insurance rates and with the wrong information premiums can go (on average) from $300 a year to $3500, depending on your area and loan requirements. With no warning you have…

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