Flood insurance premiums to spike for homeowners due to new legislation

Flood Insurance and reinsurance

Senate debating legislation that would raise flood insurance rates through NFIP Those living in areas of the U.S. that are prone to floods may soon see a spike in their insurance premiums due to a new legislation currently being debated in the U.S. Senate. The legislations concerns the beleaguered National Flood Insurance Program (NFIP). For years, the program has been a source of affordable insurance coverage for homeowners in risk-prone areas of the country. This affordability has come at a cost for the program itself, however, which has taken the…

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Federal lawmakers expected to take action on flood insurance program this week

flood Insurance payments time

Expiration date for the National Flood Insurance Program looms The National Flood Insurance Program (NFIP) is roughly nine days away from expirations (May 31, 2012), and federal lawmakers have yet to take any definitive action on the beleaguered insurance program. Federal legislators have long relied on several short-term extensions for the program, many of which extended the life span of the program for three-to-six months. Though lawmakers have not acted, they are not lacking options concerning the insurance program. Last year, the federal House of Representatives approved a plan to…

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