Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood
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A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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Federal flood insurance program stuck on hold as Hurricane Harvey tallies climb

Federal Flood Insurance - US Congress

Southeastern Texas was devastated by the storm, placing the focus back on NFIP and the GOP restructuring effort. The Federal flood insurance program is in limbo at the moment while Texans face catastrophe following Hurricane Harvey. The Republicans have been trying to restructure the National Flood Insurance Program (NFIP). Their goal has been to partially privatize it. NFIP is a subsidized program that costs taxpayers tens of billions in federal subsidies. The federal flood insurance program is facing an upcoming deadline of September 30. Unless Congress agrees to extend the…

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National Flood Insurance Program provides homeowners with helpful tips

national Flood Insurance program tips

In response to the flooding in Illinois and Missouri, the NFIP has offered advice with regards to what can be done. The National Flood Insurance Program has recently responded to the damaging flooding in Illinois and Missouri and, as a part of this effort, it has issued a list of tips to people who have been affected by the rising waters in order to provide them with recommendations with regards to what they should be doing both during and after the floods. Officials from NFIP want to improve education about…

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Homeowners insurance premiums may grow in Texas due to natural disasters

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2015 has been filled with natural disasters, placing pressure on Texas insurers This has been a troublesome year for many homeowners in the United States when it comes to natural disasters. In Texas, powerful storms have left many homeowners with damaged properties and the storms may have a significant impact on homeowners insurance overall. Insurers are expected to experience financial losses due to the high number of claims that have received as a result of the storms in Texas and this may lead to higher insurance premiums in 2016. Hail…

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Flood insurance may no longer required for Tucson homeowners

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Certain areas in the downtown portion of the city may be taken off the federal floodplain maps. Certain parts of downtown and midtown Tucson have required flood insurance for the last few years but if certain expected changes take place, removing those zones from the federal floodplain maps, then it won’t be long before homeowners will no longer be required to purchase that coverage. The floodplain maps changes would mean about 600 property owners can decide if they want to keep coverage. While the flood insurance policies would still be…

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Homeowners insurance providers face serious challenges in South Carolina

Flood homeowners Insurance Program

Hurricane Joaquin has become one of the worst disasters South Carolina has ever seen Hurricane Joaquin is making its way to the United States, and this has raised some concerns among homeowners insurance providers, especially in South Carolina. The powerful storm has already brought about significant damage to the state though it has yet to make landfall. According to Governor Nikki Haley, the heavy rainfall caused by the storm is considered a “thousand-year” event. Insurers have issued concerns regarding such events, with some suggesting that these rare catastrophes may soon…

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South Carolina floods could hit the state’s homeowners insurance providers

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State’s insurance industry to take a financial blow due to heavy rainfall and rising waters Insurers in South Carolina are bracing for the impact of flood-related claims as the state becomes inundated with heavy rainfall from powerful storms. According to the South Carolina Department of Insurance, companies providing homeowners insurance and coverage for businesses are expecting to be hit by major financial losses due to recent weather-related issues. The majority of claims are expected to comes from those with damaged properties and vehicles, which has been caused by significant floods.…

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