Live Insurance News

Californians should purchase flood insurance, says FEMA

October 27, 2015October 25, 2015 H. Cutner

The Federal Emergency Management Agency says residents of the state need the coverage ahead of El Nino this winter. Officials from FEMA have been urging residents of California to buy flood insurance to cover their homes against damage from rising waters that are very likely in some areas this winter as it is predicted that there will be a strong El Nino. FEMA is advising Californians to purchase these policies regardless of whether they are in the highest risk areas. In fact, the recommendation for purchasing flood insurance has been…

Typhoon Usagi Heads Toward Taiwan and China: AIR Worldwide

September 20, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, Typhoon Usagi, a Category 3 storm with maximum sustained winds of 204 km/h (10 minute wind speed as reported by the Japan Meteorological Agency), is expected to strengthen over the coming days and could become the first Category 5 storm of 2013. The storm is currently located several hundred miles off the coasts of both the northern Philippine island of Luzon and Taiwan and is gathering strength as it moves northwest. Usagi, which is called Odette in the Philippines, is expected to deliver…

Flood insurance purchased unnecessarily due to faulty FEMA zone maps

September 17, 2013September 14, 2013 H. Cutner

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…

Flood insurance friendly changes made to New Jersey city

March 7, 2013April 30, 2013

Sea Isle City has now been recognized by FEMA reps which have granted it a new Class 6 status. Last week, Federal Emergency Management Agency (FEMA) representatives went to Sea Isle City, which has now received a plaque from the agency to recognize the changes that they have made, as well as their new “Class 6” designation within the Community Rating System (CRS) from the National Flood Insurance Program (NFIP). The city officially received its Class 6 status in October after several initiatives were put into place. Those efforts include…

Thai floods: One year later

October 4, 2012October 4, 2012 S.Vagus

Lloyd’s of London analysts examine impact of Thai floods Just over a year ago, severe flooding in Thailand caused by a powerful and unforgiving monsoon season caused havoc in Bangkok and other cities throughout the country. Analysts from Lloyd’s of London have come together to examine the effects that the Thai floods had on the insurance industry and the country. The floods produced some $45.7 billion in damages, $12 billion of which was shouldered by insurance and reinsurance companies that operate in the country. Lloyd’s of London itself accounted for…