With the official start of spring, while many homeowners are seeing that the dry conditions over the winter have reduced the risk of flooding, the Insurance Information Institute is reminding them that throughout the springtime, the flooding risk still remains high due to hurricanes, heavy rains, and other types of catastrophes. Homeowners, home renters, and business owners should all consider purchasing a policy that will protect them from flood, or renewing one that they have already had, to ensure that there isn’t a gap in their coverage. In the United…
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Newly mapped FEMA flood plain requires some Michigan residents to purchase coverage
Certain residents of Michigan have recently received letters from their mortgage companies, informing them that they will be required to purchase flood insurance, or that coverage will be bought on their behalf. This is the result of a newly mapped flood plain by the Federal Emergency Management Agency (FEMA) and affects the residents of the Frank and Poet Drain, who are currently in an uproar over the sudden cost. Since February 2012, when the new Flood Insurance Rate Maps (FIRMs) went into effect, there has been a much larger area…
Read MoreMany U.K. homeowners may not be able to obtain flood insurance by 2014
The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…
Read MoreUK property owners struggle to find home coverage into 2013 as flood insurance agreement ends
Approximately 200,000 U.K. homeowners face fears over a struggle to adequately insure their properties after the flood insurance agreement ends in 2013. Since 2000, the Provision of Flood Insurance Statement of Principles has been continuing an agreement between the Association of British Insurers (ABI) and the government. It states that homeowners’ insurers must make flood insurance as accessible as possible to residents of the U.K. This has make homeowners’ insurance available to customers who are living in regions with a high flooding risk. However, this agreement will end as of…
Read MoreWith National Flood Safety Awareness Week Kicking Off, SmarterSafer.org Urges Congress to Pass Long-Term Extension of Flood Insurance Program
With National Flood Safety Awareness Week kicking off, SmarterSafer.org is urging Congress to pass meaningful flood insurance reform and provide a long-term extension of the National Flood Insurance Program (NFIP). In a letter being sent to Congress today, the group said reform is necessary to protect homeowners and businesses. “March 12-16 has been designated as National Flood Safety Awareness Week, however, the National Flood Insurance Program (NFIP) has yet to be extended and is set to expire at the end of May,” said SmarterSafer.org. “The NFIP must be reformed and…
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