New York officials seek reforms to flood insurance

storm flood homeowners insurance rain

Officials want to see reforms made to the National Flood Insurance Program New York officials want to see more reform come to the U.S. National Flood Insurance Program, as well as how flood coverage is handled overall. Assemblyman Phil Goldefer and Senator Chuck Schumer are calling for significant reforms, hoping to address the crippling financial issues that have plagued those that were affected by 2012’s Hurricane Sandy. The hurricane caused significant damage to property in New York and other states. The storm left many homeowners in financial stress, as their…

Read More

New York sees increase in health insurance exchange enrollment

New York Health Insurance

State has made progress in making its exchange more popular among consumers New York ranked fourth in the U.S. in terms of enrollment in health insurance exchanges, according to a report from the Kaiser Family Foundation. The state has made significant strides in raising awareness about its exchange and the services that it offers, which lead to more people enrolling in the exchange throughout the state. Several other states have seen an increase in enrollment as well, due to the marketing efforts that they have made to improve awareness among…

Read More

New York may launch its own flood insurance program

flood insurance residential homeowners

Assemblyman proposes the establishment of a state-run insurance program New York may have a solution to the flood insurance problem: Abandoning the National Flood Insurance Program. Early last year, Assemblyman Phil Goldfeder proposed a plan to create the state’s own flood insurance program, free from the control of the federal government. The plan had received relatively little support in its early days, but now Goldfeder is pushing to make this initiative a reality. A state-run program could have serious implications for flood insurance coverage in New York. Federal program continues…

Read More

FEMA to seek settlements in flood insurance cases

coastal flood property insurance north carolina

FEMA is working to settle several lawsuits regarding flood protection and Hurricane Sandy The Federal Emergency Management Agency (FEMA) is currently working to settle lawsuits that have been issued by victims of Hurricane Sandy. The federal agency manages the National Flood Insurance Program, which came under fire in the wake of Hurricane Sandy. Many of those affected by the disaster saw their insurance claims rejected over technicalities and potentially falsified engineering reports. There have also been complaints that claims were underpaid. These issues have prevented many people from recovering following…

Read More

States begin taking action on flood insurance

flood insurance news

National Flood Insurance Program is now $20 billion in debt The U.S. National Flood Insurance Program is $20 billion in debt and the provisions of a law that would seek to resolve this issue have been delayed for four years due to concerns regarding its financial impact on consumers. While premiums for the flood insurance coverage offered by the program have been increasing, these increases have not been enough to make the program financially stable. Because this represents a serious risk for homeowners, some states are beginning to take matters…

Read More