(Washington, DC) ‒ SmarterSafer.org today urged the United States Senate to immediately act on National Flood Insurance Program (NFIP) reform without weakening the legislation’s effectiveness. The House of Representatives passed legislation to reauthorize the program until Sept. 30, 2016 on an overwhelming bipartisan vote of 406-22. The coalition said the overwhelming bipartisan vote in the House was an important and welcome first step toward bringing needed financial stability to the NFIP, but urged the Senate to pass an improved final extension that includes long-term reforms to ensure the program’s future…
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Floods this summer could break records
Forecasters have predicted that this summer could be accompanied by the worst flooding the United States has seen in its history, as rivers continue to run higher than flood levels and the soil is still saturated from the spring’s rising waters. The last record-breaking floods were in 1993, when $25 billion in damages occurred between the months of April and August within nine states. According to the National Weather Service, this year, the water levels haven’t receded much and the soil remains soaked so that it would take only a…
Read MoreNational 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…
Read MoreAustralia: Property insurance risk are being recalculated
The flooding that struck Australia’s Queensland some months back was expected to have severe ramifications on the insurance industry. Now, officials are reporting that rates for homeowners are going to be raised by as much as 30%. Queensland residents have been receiving renewal notices for their policies’ premiums will be increasing. Many of these policyholders own property that survived the flooding without any damage, leading them to question the rate increase. Insurers claim a myriad of reasons behind the rate increase. While the flooding is a prominent factor, they assert…
Read MoreNew 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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