NFIP improvement bipartisan flood insurance bill in the works in Louisiana

Bipartisan flood insurance bill - Hurricane Katrina New Orleans

In the wake of Hurricane Barry, state senators are working on a strategy to improve the flawed program. Hurricane Barry may not have been a worst case scenario in Louisiana, but the damage it left behind has driven senators to push harder for a bipartisan flood insurance bill overhaul. NFIP has been problematic for quite some time, but the senators are hoping to make it better. Despite some flooding and damage left behind by Barry, Senator Bill Cassidy pointed out that Louisiana could have fared much worse. The storm corrected…

Read More

Buy flood insurance now as opposed to waiting, says FEMA

Buy Flood Insurance - Flood Waters - Caution sign

The Federal Emergency Management Agency is telling people not to delay before purchasing coverage. FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage. The policies to which FEMA referred are through the National Flood Insurance Program. Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a…

Read More

National Flood Insurance Program Gets Brief Renewal from Congress

National Flood Insurance Program - Flooding on road

The House of Representatives gained a two week extension for the federal flood insurance. Congress extended the National Flood Insurance Program (NFIP) by two weeks after it failed to pass a $19 billion disaster aid bill. The House of Representatives was seeking unanimous consent for the bill which contained a flood insurance reauthorization provision. NFIP had been set to expire as of Friday, but the two week extension was granted in time. With less than six hours left before the National Flood Insurance Program, the fast-track unanimous consent vote approved…

Read More

The federal flood insurance program is broken and the repairs will be costly

Federal Flood Insurance - US Congress

NFIP is now fifty years old but the program has not undergone a healthy aging process. The subsidized federal flood insurance program is half a century old and is in dire need of fixes – or potentially a complete overhaul – that will, unfortunately, be unavoidably expensive. The National Flood Insurance Program (NFIP) has become increasingly costly and unsustainable. Federal flood insurance faced its second highest ever claim year in 2017. Hurricanes Florence, Harvey ad Michael placed the spotlight back onto the NFIP’s fundamental flaws. Insurance industry models show a…

Read More

National Flood Insurance Program Expires in Under 2 Weeks

National Flood Insurance Program - Hourglass - Time

The last day for the program will be July 31st unless Congress changes or renews it. The National Flood Insurance Program (NFIP), which covers five million homes against the risk of flooding, is about to expire. In fact, in under two weeks, on July 31, the program will come to an end unless Congress acts to extend it. Congress could renew it as-is or could attempt to agree to change it, but they’re running out of time. If the National Flood Insurance Program is not renewed, those with coverage will…

Read More

FEMA moves forward with its own flood insurance changes

Flood Insurance Changes - Boots underwater

The Federal Emergency Management Agency has decided to take NFIP tweaks into its own hands. The Federal Emergency Management Agency revealed its intentions to make a number of flood insurance changes. The National Flood Insurance Program (NFIP) is facing massive and rising debt levels. There are many flaws in the program causing it to become unnecessarily expensive. Therefore, FEMA decided to help make changes to bring significant funding back to NFIP. The idea behind the latest flood insurance changes is to draw more private funds into the government-led coverage market.…

Read More

House Republicans pass flood insurance bill to overhaul NFIP

flood insurance bill

Bipartisan opposition was overcome and the bill was passed to continue helping policyholders at risk of flooding. A controversial flood insurance bill has been passed in the House as Republicans overcame bipartisan opposition. This legislation will both reauthorize and overhaul the National Flood Insurance Program (NFIP). The program is currently facing considerable strain following a highly active hurricane season. NFIP was forced to pay billions of dollars to policyholders this year after several hurricanes made landfall in the United States. The House passed the flood insurance bill in a vote…

Read More