In response to the amendment filed by Rep. Candice Miller (R-Mich) to the HR 1309 (the National Flood Insurance Program), called the Flood Insurance Reform Act of 2011, which would end the program, the National Association of Mutual Insurance Companies (NAMIC) has asked Congress not to proceed forward. According to senior vice president of federal and political affairs Jimi Grande, of NAMIC, “Eliminating the National Flood Insurance Program is the worst policy option out there.” He explained that while the National Flood Insurance Program (NFIP) is not perfect, it is…
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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 MoreMissouri insurance agents vent frustrations over FEMA’s handling of flood insurance
In the states struggling to mitigate the damage caused by the flooding Missouri River, insurance agents are railing against FEMA. Agents claim that federal officials are at fault for causing widespread confusion amongst property owners by pressuring them to purchase flood insurance. The main issue is that these hastily solicited policies may not provide the coverage necessary to protect homeowners from the flooding river. Furthermore, several insurance companies in the affected area say that federal officials have been pressuring insurance agents to sell policies that specifically exclude any damage caused…
Read MoreAn undecided Senate panel hears plans regarding the National Flood Insurance Program
The National Flood Insurance Program, which provides flood insurance to the majority of homes in flood prone and coastal areas throughout the country, will lapse at the end of September. Legislators are feeling the pressure of a hurricane season that is bringing a sleuth of storms from the Atlantic Ocean as well as insurance companies to make changes to the existing program so that it will continue. The other day, a Senate Banking subcommittee heard recommendations from representatives of the Government Accountability Office. The panel heard proposed improvements to the…
Read MoreFederal Emergency Management Agency expected to change the Louisiana flood zones
The Federal Emergency Management Agency (FEMA) is expected to change the flood map in Louisiana that will decrease the quantity of land that will be referred to as flood zones in Lafayette Parish. The first update to the flood map for the parish in Louisiana was in 1996. FEMA has announced that a final version of the map has been developed, but that it is not yet available for release. According to officials from the city-parish, it is expected that the map will become available to them within the next…
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