Flood insurance rates to spike this year

Flood homeowners Insurance Rates raising homes

Flood insurance rates are set to rise throughout the US Flood insurance throughout the U.S. is expected to become costlier as legislation passed last year concerning the National Flood Insurance Program comes to fruition. The legislation was designed to address the several, severe financial problems that the flood insurance program has faced over the past several years. The program first began experiencing these troubles in the wake of Hurricane Katrina. The storm dealt such a powerful blow that the federal program has not yet recovered. Ensuing years of floods throughout…

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Flood insurance in need of modernization in the US

Flood Insurance Report

Report highlights the need to modernize flood insurance The U.S. National Flood Insurance Program is archaic, according to a new report from the National Research Council of the National Academy of Sciences. The report suggests that the flood insurance program is in dire need of modernization and could benefit from better risk management practices in the future. Researchers indicate that how the program manages risks associated with properties behind flood levees is one example of how outdated the program actually is. NFIP risk management seen as outdated In improving its…

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Flood insurance sparks anger for New Jersey Governor

Governor Chris Christie Flood Insurance

Flood insurance continues to be a problem issue after Hurricane Sandy In October of 2012, Hurricane Sandy made its way to the East Coast of the U.S. and left destruction in its wake. The storm caused widespread flooding throughout many of the East Coast’s major cities, with New York and New Jersey seeing most of the damage. Though the storm caused a grievous amount of damage, it also highlighted many of the problems that exist in the U.S. flood insurance sector, most of which are embodied by the National Flood…

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Flood insurance could soon be mandatory for 35,000 property owners in New York

Flood Insurance Flood Map

FEMA introduces revised flood maps that could expand flood insurance requirements The Federal Emergency Management Agency (FEMA) has introduced new flood maps for the East Coast U.S. this week that could force many property owners and businesses to purchase flood insurance coverage. The federal agency has been working to revise flood maps over the past two years, addressing some of the emerging threats that have been brought to light by powerful storms, such as Hurricane Sandy. These storms have caused widespread flooding in many parts of the East Coast and…

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National Flood Insurance Program in danger of running out of money

Flood Insurance

National Flood Insurance Program will be out of funds by next week There may be bad news on the horizon for the National Flood Insurance Program. The Federal Emergency Management Agency (FEMA) has announced that the federal flood insurance program will be completely out of money next week. Hurricane Sandy, which struck the East Coast in late October 2012, dealt a powerful blow to the National Flood Insurance Program. The powerful storm compounded the financial problems that the program has been dealing with for several years. FEMA officials push for…

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