Flood insurance rates battle now includes another state

flood homeowners insurance rates

Mississippi has been trying to combat the federal plans to boost the price of coverage. The intentions to increase federal flood insurance rates is currently being challenged by Mississippi, and that state is far from being alone as Louisiana, its neighbor, has now joined the others in this legal action to try to keep the cost at an affordable level. The original lawsuit was filed by Mississippi in an attempt to stop increases at the start of October. The National Flood Insurance Program (NFIP) had announced that premiums for most…

Read More

Flood insurance could become too expensive for South Mississippi residents

Flood Insurance

Some in the area could find that the premiums are simply too high to be able to afford it. According to Coast officials in Mississippi, the increases to the flood insurance rates could lead to financial disaster for some residents living in areas that are at a higher risk of flooding. Many are worried that the impact of this change will be a considerable one, and won’t just affect one or two. According to the planning director of Jackson County, Michele Coats, “I think it’s going to be huge.” Coats…

Read More

MEMA releases flood insurance information for consumers

New York Homeowners Insurance Rules

MEMA information could help consumers understand their policies and file claims The Mississippi Emergency Management Agency (MEMA) has released information that aims to help the victims of flood file flood insurance claims. Mississippi residents that have flood insurance receive their coverage through the National Flood Insurance Program (NFIP). The majority of the state’s homeowners, however, do not have coverage that protects them from the damage caused by floods. Yet, many of these homeowners believe they are adequately protected by the coverage they receive through the state’s wind pool policies. MEMA…

Read More

New Jersey residents pick up more flood insurance in wake of powerful storms

Flood Insurance

Flood insurance gets a boost after Irene With Hurricane Isaac on a rampage, attention is being drawn to flood insurance. In the past two years, damage caused by powerful storms has been punctuated by the sheer lack of flood insurance coverage. For the uninsured, the damage caused by flood presents a financial burden that consumers will have to bear alone. Those that have suffered loss as a result of flooding seem to be taking the matter seriously and are finally heeding the call to obtain comprehensive flood insurance coverage, according…

Read More

Legislators look to revoke insurance mandate on areas protected from floods

Two legislators are looking to reverse federal flood-insurance mandates requiring property owners in areas protected by flood-control structures to have flood insurance. Senators Thad Cochran of Mississippi and Mark Pryor of Arkansas say that the mandate presents an undue financial burden to those living in areas that are not prone to floods due to the protective measures taken against such a happening. The legislation in question is part of the National Flood Insurance Program, which itself is the subject of much debate in Congress due to its financial instability. The…

Read More

Flood insurance companies prepare for a potentially disastrous summer

The National Oceanic and Atmospheric Administration’s National Weather Service announced last week that this summer’s flooding season may be the worst on record. Both the Mississippi and Missouri Rivers are currently overrunning their banks, inundating much of their surrounding areas with water. There are also several other, smaller rivers , that are also flowing over as well. Some have served as emergency spillovers for larger rivers, but none have been able to stem the flow of the water. Much of the flooding is due to storms far to the north,…

Read More

Arkansas farming industry calculate high millions in lost crops

Residents and farmers from the eastern part of Arkansas are getting their first looks at the destroyed homes and ruined farmland that have resulted from the massive flooding in that region.  Many parts of the state rely primarily on agriculture as their main industry.  According to the Arkansas Farm Bureau, an estimated $500 million has been lost in crops due to farm flooding, with an estimated millions more having been lost as a result of other damage such as to equipment.   The Farm Bureau also stated that agriculture typically brings…

Read More