Is your flood insurance ready for Atlantic Hurricane Season’s start tomorrow?

hurricane season 2024

The official beginning is June 1 and experts are predicting that it will be an active one With the start of Atlantic Hurricane Season tomorrow, preparedness experts are reminding consumers who have waited until the last minute about the importance of flood insurance. FEMA is among those urging property owners to buy coverage Hurricanes can cause damage from many different issues, ranging from high winds to flooding, but the latter requires additional flood insurance coverage as rising overland waters are not typically covered by a standard home policy. Many people…

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California Insurance Commissioner Lara warns consumers of flood insurance fraud

Flood Insurance Fraud

As San Diego County started its clean-up efforts, residents are warned of dubious companies preying on victims. Flood insurance claims are up in San Diego, where hundreds of properties and vehicles were damaged and destroyed by recent flooding, but California Insurance Commissioner Ricardo Lara has placed his department on alert for fraud and other illegal activities targeting the victims of the flooding. The Department is already receiving reports that consumers claim public adjusters have been contacting them. Immediately after the recent floods, some home and business owners say they were…

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Flood insurance rate increases will affect 81 percent of policyholders

Flood Insurance - Increased Rates

FEMA’s NFIP overhaul was intended to increase premiums primarily for larger, high-value homes. A year ago, when the Federal Emergency Management Agency overhauled the National Flood Insurance Program it expected that larger, high-value homes would see most of the rate increases. It anticipated that about 90 percent of policyholders would either keep their existing rates or would even experience a reduction in their premiums. This month, when the changes went into effect, the situation proved to be considerably different. Now that the changes in the National Flood Insurance Program (NFIP)…

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Central Pacific Hurricane Season has started, so it’s policy review time

Central Pacific Hurricane Season - Approaching storm

Insurance companies in Hawaii are reminding homeowners to ensure they’re covered. The Central Pacific Hurricane Season has begun, and Hawaii insurers are reminding homeowners to make sure they have adequate insurance coverage. The state insurance commissioner has also reminded owners and renters to review their policies. Reviewing a policy at least once per year to ensure that coverages and exclusions are appropriate for covering a homeowners property and possessions is highly recommended. Hawaii Insurance Commissioner Colin Hayashida has reminded state residents of the importance of this annual practice, particularly as…

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Climate change is likely increasing flood insurance rates quite a bit this year

Increasing flood insurance rates - Flooding in neighborhood - shops & cars

The federal government is examining the cost of coverage on April 1, with data suggesting premium hikes. Much of the country is expected to see increasing flood insurance rates this year in order to cover rapidly rising costs resulting from climate change, according to new data that will create a substantial political struggle for the Biden administration. NFIP would need to raise its premiums by four times for covering high-risk homes in floodplains. The National Flood Insurance Program (NFIP) will need to send its premiums sky high in certain areas…

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