Live Insurance News

Flood insurance refunds are on their way

August 22, 2014August 19, 2014 S.Vagus

FEMA is issuing $100 million in insurance refunds to homeowners throughout the US The U.S. Federal Emergency Management Agency (FEMA) is issuing some $100 million in flood insurance refunds to policyholders receiving coverage through the National Flood Insurance Program (NFIP). The agency is issuing refunds to those that have overpaid for their coverage due to the provisions of the Biggert-Waters Act, a legislation that caused a significant spike in insurance premiums over the past year. The initial wave of refunds should begin on October 1 and the last refunds are…

National Flood Insurance Program falls under federal scrutiny yet again

August 1, 2014July 31, 2014 S.Vagus

Federal insurance program could be more harm than help to homeowners The National Flood Insurance Program in the U.S. has come under fire once again. Senator Bob Menendez has said that the federal program is “stacked against homeowners” that attempt to file claims in the wake of major natural disasters. Following 2012’s Hurricane Sandy, many homeowners in New York and New Jersey were left without financial aid because of the faults of the federal insurance program. Some of these homeowners had flood protection, but had to wait for months before…

Flood Insurance and Catastrophe

July 26, 2014July 25, 2014 Note From The Editor

Flood insurance is not something that many homeowners have, but they don’t necessarily know that they don’t have it. This is because flood protection is not a part of a conventional homeowners insurance policy. Most homeowners have to have insurance protection due to the provisions of their mortgage, but few people take the time to understand their policy and what protections it offers. As such, many people are often left at the mercy of natural disasters. In the United States, flood insurance is within the jurisdiction of the federal government.…

Homeowners granted extension to file flood insurance claims

July 9, 2014July 8, 2014 Nordstrom

Federal program extends the claims deadline for homeowners affected by recent powerful storms Recent storms in the U.S. have caused quite a bit of flooding in some parts of the country. For homeowners, this has been a headache, as these floods have resulted in property damage. Assessing this damage can be a time consuming process, so the National Flood Insurance Program has extended the deadline for those wishing to file claims for the damage caused by severe stores in late April and Early May. Extension allows homeowners more time to…

Flood insurance costs continue to rise in Connecticut

May 20, 2014May 19, 2014 Marc

Homeowners are facing the real possibility of having to pay more for their flood protection Some homeowners in Connecticut are facing the possibility of having to pay significantly more for their flood protection as the Federal Emergency Management Agency continues to revise its flood maps. These flood maps are used to determine the flood risks of particular parts of the country. The maps are also used to price flood insurance protection, which is typically acquired through the National Flood Insurance Program. FEMA has been revising its flood maps recently in…