Tag: Biggert-Waters Flood Insurance Reform Act

Flood insurance to be offered by Florida private insurers

H. Cutner
flood insurance news

Two providers in the state have decided to work to offer cheaper alternatives to residents. There are two private flood insurance companies that have appeared to offer residents of Florida some alternatives to the skyrocketing rates under the federal program that is currently the primary option in the state. These two insurers are hoping to be able to offer the coverage for less money than residents would otherwise pay. The rates that are currently offered under the National Flood Insurance Program (NFIP) are rising higher and two insurers – the…

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Flood insurance premiums spike has strangled home values

H. Cutner
flood insurance

The cost of the coverage has skyrocketed upward by seven times and is holding real estate hostage. Following the rewriting by U.S. Congress of the federal flood insurance program, the monthly premiums that are paid by over 1 million homeowners in the United States are now slated to rise considerably. The result of this increase in cost for covering the homes has had a large impact on the real estate market. Due to the higher cost of flood insurance coverage in certain large areas, which has meant that the price…

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Legislation may put a halt to rising flood insurance rates in the US

Marc
flood insurance rates

Flood insurance continues to be a worrisome issue Flood insurance has become a hot topic in the U.S. with rates on the rise and FEMA’s revising of flood maps, which could have a costly impact on homeowners throughout the country. As the cost of flood insurance continues to attract attention, finding ways to solve this problem are gaining momentum. New legislation is expected to reach the U.S. Senate next week concerning the state of the country’s flood insurance program and the Biggert-Waters Flood Insurance Reform Act of 2012. Federal law…

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Rising flood insurance rates draw ire of property owners

S.Vagus

Flood insurance rates growing too quickly for many property owners to handle Property owners throughout the U.S. have begun banding together to oppose costly flood insurance rate hikes. Premiums on all flood insurance policies that were renewed after October 1 have grown by an average of 10%, putting more financial strain on property owners throughout the country. The majority of these policies are issued through the National Flood Insurance Program, which has been undergoing a significant overhaul over the past two years. Property owners are reaching out to the U.S.…

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