Search Results for: National Flood Insurance Program

National Flood Insurance Program is privately reinsuring and will continue that trend

G. Turner
Flood Insurance Extension - Flooding

The flooding program under FEMA is working to transfer a huge amount of its risk to the private sector. The Federal Emergency Management Agency has now purchased reinsurance from private companies for its National Flood Insurance Program. The agreements officially became effective on September 19, 2016 and will continue coverage through March 19, 2017. That said, they have indicated intentions to purchase more coverage next year. The coverage has been purchased through Swiss Re America Corp., Transatlantic Reinsurance Co., and Munich Reinsurance America Inc. To reinsure the National Flood Insurance…

National Flood Insurance Program provides homeowners with helpful tips

G. Turner
national Flood Insurance program tips

In response to the flooding in Illinois and Missouri, the NFIP has offered advice with regards to what can be done. The National Flood Insurance Program has recently responded to the damaging flooding in Illinois and Missouri and, as a part of this effort, it has issued a list of tips to people who have been affected by the rising waters in order to provide them with recommendations with regards to what they should be doing both during and after the floods. Officials from NFIP want to improve education about…

National Flood Insurance Program continues to struggle from financial losses

S.Vagus
flood insurance rates

10 years after Hurricane Katrina, federal program is still financially crippled More than 10 years have passed since Hurricane Katrina hit the United States, and many homeowners are still reeling from the damage caused by the catastrophe. Homeowners faced one of the most expensive disasters in the history of the country and its insurance industry, with some $80 billion in losses, with another $16.1 billion in flood insurance claims. The hurricane, as well as other storms that hit the country between 2008 and 2012, caused serious problems to the National…

National Flood Insurance Program continues to struggle in the US

Logan B.
flood insurance residential homeowners

Federal program is still trying to resolve claims that it received 10 years ago The U.S. National Flood Insurance Program is still struggling to recover from 10 year-old claims that have yet to be resolved. Despite efforts to assist the program in its recovery, the program continues to have trouble when it comes to providing consumers with flood insurance protection and handling claims in an appropriate fashion. Many of the program’s financial issues can be traced back to Hurricane Katrina, which had a major financial impact on the U.S. as…

National Flood Insurance Program falls under federal scrutiny yet again

S.Vagus
flood insurance storm deadend

Federal insurance program could be more harm than help to homeowners The National Flood Insurance Program in the U.S. has come under fire once again. Senator Bob Menendez has said that the federal program is “stacked against homeowners” that attempt to file claims in the wake of major natural disasters. Following 2012’s Hurricane Sandy, many homeowners in New York and New Jersey were left without financial aid because of the faults of the federal insurance program. Some of these homeowners had flood protection, but had to wait for months before…