Tag: NFIP

Congress considers 17 changes to flood insurance program

Marc
Flood insurance - Home Floating in Water - Changes

The proposed changes are expected to reduce the cost of coverage to low-income homeowners. Low-income homeowners stand to pay less for coverage under the National Flood Insurance Program (NFIP) if the Federal Emergency Management Administration’s (FEMA) proposed 17 changes are implemented. NFIP has been struggling with its finances amid more frequent and severe storms due to climate change. FEMA is seeking to create a more thinly spread risk by drawing more property owners to purchase flood insurance policies. The agency’s goal is to implement a number of changes in federal…

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Digital flood insurance marketplace launches between Flow and INSTANDA

H. Cutner
Flood insurance marketplace - Digital Insurance

The new digital platform provides agents with a chance to compare quotes and NFIP rates. Flow Insurance has announced the launch of their new flood insurance marketplace, which it has created with the help of the INSTANDA complete digital platform. Consumers can now use the service to obtain quotes from several insurers along with NFIP. The flood insurance marketplace was developed and launched in five months as a joint effort between Flow and INSTANDA. The result is a digital platform that allows agents to obtain quotes from as many as…

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Hurricane insurance companies release post-Ian policyholder tips

Nordstrom
Hurricane Insurance - Helpful Tips

As the storm thrashed its way onto the Florida Gulf Coast, insurers were braced and ready with advice. As Storm Ian makes its way across Florida, hurricane insurance companies are hoping to help customers to stay safe and know what to do after the storm has gone by. Though storm surge was the biggest threat along the Gulf Coast, wind and flooding threaten inland. Hurricane insurance companies always recommend making paper copies of policies stored in waterproof cases such as plastic resealable freezer bags. Saving policies online in the cloud…

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Higher cost of flood insurance causes massive coverage dropping trend

Marc
Flood insurance - Goodbye - beach

FEMA’s program overhaul in 2021 sent prices skyward, causing hundreds of thousands to drop out. In 2021, the Federal Emergency Management Agency (FEMA) conducted an overhaul of its National Flood Insurance Program (NFIP) to encourage homeowners to purchase coverage due to the more precise risk their property faced from flooding. So far, the result appears to be rising rates and hundreds of thousands of people dropping existing coverage. Homeowners that had been purchasing their flood insurance coverage through FEMA have widely dropped their policies, leading to a concerning number of…

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Flood insurance rate increases will affect 81 percent of policyholders

Logan B.
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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Low-income Americans to receive flood insurance cost support

Marc
Flood insurance cost - umbrella covering dollar sign

The Biden administration’s budget includes a plan for helping people to purchase the coverage. As the Federal Emergency Management Agency (FEMA) works to overhaul the National Flood Insurance Program (NFIP), the President Biden is seeking to bring down the flood insurance cost for low-income Americans. The budget proposes a new program that would provide $358 million to support the effort next year. That money would help low-income families to cover their flood insurance cost and to take additional action to prevent their properties from flooding. This new program was a…

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Florida flood insurance rates are too low, says recent study

Logan B.
Florida flood insurance rates - water in house

New research shows that the National Flood Insurance Program is undercharging property owners. Florida flood insurance rates aren’t as high as they need to be to reflect the risk associated with the property, says the results of a recent study. It indicates that the National Flood Insurance Program is undercharging people and that it could justifiably raise its rates. Undercharging Floridians means that it is more affordable for people to live in dangerous locations. The Florida flood insurance rate findings were made following a new analysis by First Street Foundation.…

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