Tropical Storm Cindy provides this year’s flood insurance reality check to homeowners

Tropical Storm Cindy flood insurance

Property owners who didn’t heed warnings at the start of the hurricane season are thinking again. From the point that Tropical Storm Cindy received its name, it was already too late for homeowners to buy flood insurance for coverage against any damage it may cause. This was the warning government officials issued at the start of the hurricane season, but the message always reaches too few. The severe weather is expected to bring a foot of water, along with high winds, to Louisiana and Texas. Tropical Storm Cindy brought several…

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Home flood insurance for high risk properties may be cancelled

home flood insurance coverage

Congress is currently looking at the National Flood Insurance Program and coverage for troublesome locations. The United States Congress may soon take the axe to home flood insurance coverage for properties that are regularly flooded. It is looking specifically at the way communities deal with some of the properties that flood the most. They are the locations that make the most frequent National Flood Insurance Program (NFIP) claims and receive the most payouts. New bipartisan legislation could require communities to handle repeated loss patterns from flooding. The existence of home…

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Flood Re could provide affordable flood insurance in the United Kingdom

flood insurance

UK homeowners may be able to find inexpensive policies through new government program The United Kingdom’s new flood insurance program, called Flood Re, may be able to help homeowners in high-risk flood regions acquire the coverage they need affordably. The program is designed to ensure that homeowners have effective insurance protection against floods. Currently, many homeowners are paying massive insurance premiums for their flood coverage. The UK government intends to resolve this issue with the new insurance program, which aims to provide consumers with lower premiums. Floods can cause severe…

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Canadians wrongly feel they have flood insurance with their homeowners policies

flood insurance storm damage

A recent study has found that 65 percent of people in that country believe they have protection they don’t. A recent survey conducted by Square One has determined that among the 1,500 Canadian participants, 65 percent erroneously believed that they had flood insurance included within their homeowners policies. This misconception about the coverage was more common in some provinces than it was in others. For instance, homeowners insurance customers living in Manitoba were the most likely to think they were protected against overland flooding. Equally, those in Saskatchewan were the…

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Congress may be slow to act on flood insurance

Flood Insurance

Presidential election and short legislative session gives Congress limited time There may be relatively little action taken by the United States Congress this year, largely due to a short legislative session and the impending presidential election. This could mean some trouble for the insurance industry, as the U.S. may be lagging behind addressing issues concerning international insurance regulatory initiatives. This may also place more pressure on the National Flood Insurance Program, which has already struggled to find appropriate support from Congress over the past several years. National Flood Insurance Program…

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Flood insurance deadline extended by FEMA

hurricane sandy flood insurance news

This means that victims of Superstorm Sandy will have another 6 months to submit their paperwork. For most of the people across the country, Superstorm Sandy is nothing more than a bad memory, but for many homeowners who have yet to be compensated by flood insurance, it is a nightmare that feels like it will never end. FEMA is now trying to express its understanding of the situation of homeowners who were victims of Sandy. Though it may have been quite some time ago, the flood insurance claims continue to…

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Homeowners insurance may not fully cover that awesome man cave

Man cave basement homeowners insurance

Creating that amazing retreat in your basement may seem like a clever reno until floodwaters rise. While adding a great man cave is becoming a more common renovation in many homes across the country, what isn’t becoming as popular is the understanding that standard homeowners insurance may turn that beloved space into one of the most costly financial liabilities in a family’s residence. There are several reasons to explain why coverage may not fully protect this basement room. According to the 2014 Cost vs. Value Report issued by Remodeling Magazine,…

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