Flood insurance increase delays moved forward by Senate

US government shutdown CHIP

Bipartisan legislation for holding back rate hikes is another step closer to being implemented. This week, bipartisan legislation has made its way through the Senate which will help to place a delay on the premium hikes that will be experienced by hundreds of thousands of flood insurance customers who reside in low lying and coastal areas. The vote of 86 to 16 showed that the support in the chamber that is powerful enough to avoid filibuster. It is more than likely that this flood insurance delay will be passed by…

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Homeowners insurance shocking coastal residents

Homeowners insurance New Jersey

Over one in three flood policyholders in New Jersey will be impacted by changes taking effect tomorrow. A huge number of residents of New Jersey, including homeowners insurance customers who are still recovering from the damage left behind from Hurricane Sandy, are going to be impacted by the massive changes to the federal flood coverage program that will be going into effect tomorrow. It is predicted that one in every three flood policyholders in New Jersey will feel these changes. Although the primary home insurance policies, themselves, won’t be directly…

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House votes to renew the National Flood Insurance Program for another five years

The National Flood Insurance Program has been renewed for another five years, after a vote from the House on Tuesday.  The program has been struggling financially for several years, unable to withstand the burden of past disasters and new clients. It has long been the last place people could find affordable flood insurance, especially after Hurricane Katrina drove many insurers away from coastal states. The program’s fate now lies in the hands of Congress, who must determine the final course of action before September 30th, when the program will expire…

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