FEMA has been on the receiving end of harsh criticism lately for decision the agency made in the wake of recent storms that tore through Southern U.S. The agency issued a sleuth of new rules regarding insurance coverage for areas that may or may not be in danger of flooding. Some of the regions included in FEMA’s flood insurance mandate have not actually seen high waters in decades; such is the case in Calaveras County, California. Hundreds of homeowners and businesses have been affected by the mandate and claim that…
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Senate passes bill to prolong the National Flood Insurance Program for a short period while trying to resolve issues
Recent storm bringing widespread flood damage have brought the issue of flood insurance into the limelight. Despite it being required in some areas prone to flooding, flood insurance is rare throughout the country. Many insurance companies do not offer such coverage because the potential for loss. Those that do offer the coverage do so at a high price, making it, in some cases, unaffordable for homeowners. Complicating matters is the ailing National Flood Insurance Program, which is meant to provide consumers with affordable access to flood insurance. The program is…
Read MoreHow will the National Flood Insurance Program avoid a watery grave?
As of September 30, 2011, the National Flood Insurance Program (NFIP) is due to expire for the tenth time in a period of 24 months. The NFIP is designed to provide homeowners and business owners with affordable flood insurance, and it does so within 21,000 communities across the country for over 5.6 million homes and businesses. Cleveland Area Board of Realtors co-director, Barbara Lachowicz, explained that the program is vital to a housing market that is capable of functioning properly. She went on to say that “Americans deserve access to…
Read MoreNew FEMA flood maps may lower insurance rates, homeowners will have to wait a year to find out
Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…
Read MoreSeveral rally to keep government flood program intact
Record flooding has put Mississippi in a state of disarray. The extent of flood damage is proof enough of the importance of insurance coverage, says the state’s Insurance Commissioner, Mike Chaney. Spurred by the flooding, Chaney is petitioning Congress to renew the National Flood Insurance Program (NFIP) for another 5 years. Chaney argues that Mississippi residents relying on the program for coverage should not have to worry about their only means of protection disappearing. Several other Insurance Commissioners from across the country have joined in support of the continuance of…
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