Search Results for: National Flood Insurance Program

Borrowing limit on National Flood Insurance Program raised by congress

Dan
National Flood Insurance Program rates

The National Association of Professional Insurance Agents (PIA) applaud the congressional action taken on January 4, 2013 to raise the borrowing limit for the NFIP, sending relief to badly damaged areas of the northeast still suffering after hurricane Sandy. A hearing on funding to help flood relief victims was scheduled for January 1, but was canceled by Speaker John Boehner (R-OH) just moments after the so-called fiscal cliff deal was approved by the House of Representatives. Lawmakers and politicians in the northeast protested, most notably Gov. Chris Christie (R-NJ) and…

National Flood Insurance Program in danger of running out of money

Dan
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…

National Flood Insurance Program may be helping preparedness for the impact of climate change

flood insurance

National Flood Insurance Program reform promotes preparedness Changes made to the National Flood Insurance Program earlier this year may help prepare the country for the risks it faces from powerful natural disasters in the future. It is no secret that the National Flood Insurance Program is having trouble, and has been struggling to overcome financial turmoil since 2005’s Hurricane Katrina. In June of this year, Congress approved an expansive overhaul of the program, which extended its lifespan for another five years and closed numerous loopholes that have led to the…

National Flood Insurance Program may be ready for a bailout

Dan
UK Flood Insurance

FEMA weighs bailout option for National Flood Insurance Program Though Hurricane Sandy has passed, the Federal Emergency Management Agency (FEMA) is still in the throes of managing the impact of the natural disaster. One of the most significant problems facing the industry in the wake of the powerful storm is the damage it has done through flooding. Floods fall squarely in the realm of the National Flood Insurance Program, a federal insurance provider that accounts for the vast majority of the country’s flood insurance policies. FEMA may be pressured to…

National Flood Insurance Program may not withstand assault from Hurricane Sandy

S.Vagus
Flood Insurance

National Flood Insurance Program braces for massive impact from claims Hurricane Sandy has brought many issues to light in the U.S., especially those concerning climate change and the country’s energy grid. Amidst the turmoil the storm has caused, federal officials have begun evaluating ways to improve the country’s defenses against natural disasters. At its peak, Hurricane Sandy was a Category 2 storm, but dwindles to a Category 1 and tropical storm status by the time it reached the northeastern states. Despite the storm’s weakening presence, it still managed to produce…