Tag: cost of flood insurance

Flood insurance rates spike in California

S.Vagus
flood insurance rates

California homeowners may soon contend with higher flood insurance premiums A sudden increase of flood insurance rates in the U.S. may soon force people from their homes. Rising flood insurance costs have become quite common in states like Florida and Louisiana, both of which experience a high degree of exposure to natural disasters. Homeowners in the San Francisco Bay Area may be feeling a great deal of financial pressure from the latest hike in flood insurance rates, however. For many, this coverage may soon become too costly to manage. Rates…

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Flood insurance is a complex problem that may have a simple solution

Note From The Editor
flood insurance rates

Flood insurance as a federal service In the U.S., flood insurance is a complicated matter, which is growing increasingly problematic as the days go by. Flood insurance throughout the country is handled by the National Flood Insurance Program, a federal program that offers coverage that is typically less expensive than what would be offered by private insurers. The program was launched in 1968 as a way for the federal government to account for the risks associated with flood disasters and the fact that many people lived in regions that were…

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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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Flood insurance costs send homeowners to rally and demonstrate

G. Turner
flood insurance rates

The residents of the coastal regions of the United States are gathering together to speak out against the skyrocketing prices. Following regular and continual announcements that flood insurance rates are significantly rising, particularly in the coastal regions of the country that were damaged by Superstorm Sandy, residents are rallying to speak out against the astronomical prices. Some of the residents are seeing premiums of over $30,000 per year, which is a potentially devastating figure. Flood insurance premiums at that level could easily annihilate some of the shorefront communities, according to…

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Flood insurance costs compel homeowners to raise their homes

G. Turner
Flood homeowners Insurance Rates raising homes

The new maps that have been released by FEMA are placing pressure on policyholders through rising costs. Now that the Federal Emergency Management Agency (FEMA) has released its new maps, many homeowners are finding that their flood insurance costs are high enough to have them pay hundreds of thousands of dollars to raise their homes to bring the premiums down. FEMA has rewritten the Louisiana flooding zone maps, requiring many to raise their homes. The increased risk of water damage has caused FEMA to have to change the rules when…

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Flood insurance law leads to surge in rates

S.Vagus
flood insurance rates

Flood insurance premiums set to spike due to federal law A federal law enacted in 2012 is beginning to have a significant impact on flood insurance rates in the U.S. The Biggert-Waters law was officially enacted just before the impact of Hurricane Sandy in 2012. The law requires premiums associated with policies under the National Flood Insurance Program to better reflect the risks associated with floods. This generally means an increase in premiums for the 5.6 million policies that the federal program represents. Biggert-Waters law aims to mitigate losses for…

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Flood insurance rate increases anger homeowners

H. Cutner

Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…

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