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Homeowners insurance market in Louisiana has healed, says Commissioner

August 14, 2015August 13, 2015 Julie Campbell

Hurricane Katrina Flood Damage homeowners insurance

According to Jim Donelon, this marketplace has now finally rebounded from Hurricane Katrina. Since Hurricane Katrina and the massive devastation that it left behind, Louisiana has managed to come a very long way in revitalizing its tourism, real estate, and homeowners insurance markets, according to a recent statement from the state’s commissioner, Jim Donelon. The state’s “insurance market has rebounded and flourished” since that terrible time in its past. When Hurricane Katrina smashed through Louisiana in 2005, it left $25 billion in insured losses behind, following 725,000 claims in that…

Flood insurance is an uncommon solution to a common problem in the United States

September 21, 2013September 21, 2013 Note From The Editor

This Week’s Trending Topic: Flood insurance in the US is often misunderstood In the U.S., flood insurance is often a misunderstood issue. Many homeowners throughout the country live in regions that can be considered to be at high risk of flooding, either due to heavy rainfall or because of the region’s exposure to hurricanes. While homeowners in these regions of the country are exposed to flooding disasters, very few people actually have flood insurance protection. This could be due to a simple misunderstanding that most people have regarding their homeowners…

Flash Flooding Causes Serious Damage in Northern Colorado: AIR Worldwide

September 13, 2013 Guest Author

According to catastrophe modeling firm AIR Worldwide, three days of intense rainfall in many areas of Colorado has resulted in severe, widespread flooding and collapsed homes. The greatest threat is to cities along the Front Range, including the city of Boulder and parts of the Denver metropolitan area. Essentially all water bodies in these areas including ditches, canals, and streams are at capacity with many of them at flood levels. Several roads have been washed away and highways blocked due to landslides, hampering rescue attempts. “Severe flooding began during the…

Flood insurance in need of modernization in the US

March 27, 2013March 26, 2013 Dan

Report highlights the need to modernize flood insurance The U.S. National Flood Insurance Program is archaic, according to a new report from the National Research Council of the National Academy of Sciences. The report suggests that the flood insurance program is in dire need of modernization and could benefit from better risk management practices in the future. Researchers indicate that how the program manages risks associated with properties behind flood levees is one example of how outdated the program actually is. NFIP risk management seen as outdated In improving its…

National Flood Insurance Program may be helping preparedness for the impact of climate change

December 20, 2012April 30, 2013

National Flood Insurance Program reform promotes preparedness Changes made to the National Flood Insurance Program earlier this year may help prepare the country for the risks it faces from powerful natural disasters in the future. It is no secret that the National Flood Insurance Program is having trouble, and has been struggling to overcome financial turmoil since 2005’s Hurricane Katrina. In June of this year, Congress approved an expansive overhaul of the program, which extended its lifespan for another five years and closed numerous loopholes that have led to the…