Regulators finalize new flood insurance rule

flood insurance news

Finalized rule places new requirements on banks Federal regulators have finalized a rule that will affect flood insurance policyholders. The rule requires banks to hold flood insurance premiums, associated fees, and loans on property located in flood zones in escrow. This rule will go into effect next years and banks will hold payments in escrow on “residential improved” properties as well as mobile homes. The finalized rule has been clarified to make it easier to understand. One of the clarifications involves the definition of detached structures that are excepted from…

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Senator calls for changes to National Flood Insurance Program

flood insurance news

Flood insurance may need more reform in the future United States Senator Charles Schumer believes that major changes must be made to the National Flood Insurance Program. The federal program is typically the only place that homeowners can find flood protection, but this coverage is provided by private companies that work with the program. These companies have fallen under harsh criticism in recent years due to their handling of claims related to Hurricane Sandy and other disasters that have produced claims. Senator Schumer calls for changes to be made to…

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Flood insurance rates to skyrocket in the US

flood insurance

Homeowners will be paying more for their flood protection this year Millions of homeowners in the United States could see their flood insurance rates skyrocket this year due to provisions of a relatively new legislation that have gone into effect this month. The legislation was meant to address the financial issues of the National Flood Insurance Program, which has been crippled by massive debt for some time. This year, the legislation allows flood insurance rates to increase in order to help the program recover from its financial problems. New provisions…

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Flood insurance may be in jeopardy in Oklahoma

Homeowners flood Insurance

New legislations could make flood insurance inaccessible in the state Flood insurance may become more difficult to obtain for homeowners in Oklahoma if new legislations take effect. The Oklahoma Floodplain Managers Association has warned state lawmakers that new legislations that are making their way through both the Senate and the House of Representatives could mean that the state can no longer participate in the National Flood Insurance Program. The federal program is typically the only place that homeowners throughout the country can find flood insurance protection. Legislations seek to prohibit…

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Flood insurance rates to skyrocket higher in the US

Floodwaters flood auto insurance claims

Flood protection will become significantly more expensive for coastal homeowners Flood insurance rates for coastal properties throughout the United States will rise in April. Rates will rise as a result of the Homeowners Flood Insurance Affordability Act of 2014. The legislation was meant to address the growing issue of expensive flood insurance coverage. One of the provisions of the legislation was meant to delay rate increases for a time, but coastal properties are expected to see significant rate increases due to the other provisions of the law. Coastal properties are…

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FEMA to review flood insurance claims

FEMA flood insurance

FEMA will review rejected and underpaid policies that were produced by Hurricane Sandy The Federal Emergency Management Agency (FEMA) has agreed to review the flood insurance claims that have been the subject of controversy. These claims were produced in the wake of Hurricane Sandy, but many were rejected or policyholders did not receive fair payment due to various issues. Those who had their flood insurance claims rejected or mishandled have accused the insurers behind these policies of fraud, which has brought harsh criticism against the National Flood Insurance Program. 144,000…

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Preservation Pennsylvania calls for changes to the National Flood Insurance Program

Flood Insurance

Organization adds Muncy Historical District to list of high-risk flood sites Preservation Pennsylvania, a non-profit organization, has added the Muncy Historical District to its list of sites that are at a high risk of flooding damage. The organization has taken this opportunity to call for changes to be made to the federal National Flood Insurance Program. The program is often the only place to find flood insurance in the United States and has been beleaguered by financial issues for several years. Flood damage could be a major problem for the…

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