Flood insurance rates growing too quickly for many property owners to handle Property owners throughout the U.S. have begun banding together to oppose costly flood insurance rate hikes. Premiums on all flood insurance policies that were renewed after October 1 have grown by an average of 10%, putting more financial strain on property owners throughout the country. The majority of these policies are issued through the National Flood Insurance Program, which has been undergoing a significant overhaul over the past two years. Property owners are reaching out to the U.S.…
Read MoreTag: national flood insurance program
Flood insurance expenses cause real estate woes
New home purchases have been kicked down due to the suddenly higher premiums connected with coverage. Now that the flood insurance zoning maps have been changed by FEMA, even new home buyers who went to the effort to do their due diligence are finding that they are ending up with a losing deal. The risk zones have been changed and this is leading new home purchasers to face far higher expenses than expected. Individuals who have consulted the correct resources and who have found the designation of their homes according…
Read MoreImportance of flood insurance highlighted in Colorado
Colorado disaster draws attention to flood insurance The importance of flood insurance coverage has again been exemplified in Colorado. The state has fallen victim to heavy rainfall, which has sparked floods in many densely populated communities. Record-breaking rainfall and the steep mountains found throughout the state created a major flooding disaster for residents of Larimer and Boulder counties. Thousands of homeowners were evacuated from some communities, returning to find that their properties were uninhabitable. Moreover, many of these homeowners found that their homes were not protected because of their lack…
Read MoreFlood insurance proves elusive among US homeowners
Survey shows flood insurance is relatively unpopular A new survey from Consumer Reports highlights the lack of flood insurance coverage among many U.S. homeowners. Floods are one of the most common and financially disastrous catastrophes in the country, but many people opt not to cover their homes and other properties because of the concept that they are immune to such disasters. The survey found that one out of three homes damaged by floods during 2012’s Hurricane Sandy were not protected by flood insurance coverage of any kind. Conventional homeowners insurance…
Read MoreFEMA official will testify on flood insurance issues
Flood insurance continues to be a problem in the US Flood insurance rates in the U.S. are set to rise as the Federal Emergency Management Agency (FEMA) redraws vital flood maps around the country and major changes to the National Flood Insurance Program become active. FEMA has been working to address the changing risks associated with floods and natural disasters over the past few years and revising its flood maps is a major part of this process. Unfortunately for homeowners in risk-prone areas, this could mean higher flood insurance rates.…
Read More