Tag: Federal Emergency Management Agency

Flood insurance premiums spike has strangled home values

H. Cutner
flood insurance

The cost of the coverage has skyrocketed upward by seven times and is holding real estate hostage. Following the rewriting by U.S. Congress of the federal flood insurance program, the monthly premiums that are paid by over 1 million homeowners in the United States are now slated to rise considerably. The result of this increase in cost for covering the homes has had a large impact on the real estate market. Due to the higher cost of flood insurance coverage in certain large areas, which has meant that the price…

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Flood insurance rates are on the rise in the US

S.Vagus
flood insurance bill

Financial burdens increase as flood insurance costs grow Health insurance is not the only kind of coverage that is undergoing significant changes in the U.S. Flood insurance has long been a problematic issue for many homeowners throughout the country, but this type of coverage has begun to attract more attention as homeowners and businesses begin to bear a larger financial burden. Friendly Insurance of Texas suggests that flood insurance rates for homeowners will grow, regardless of whether their properties are located in flood-prone areas or not. Policies through federal program…

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Importance of flood insurance highlighted in Colorado

Logan B.
Flood Insurance

Colorado disaster draws attention to flood insurance The importance of flood insurance coverage has again been exemplified in Colorado. The state has fallen victim to heavy rainfall, which has sparked floods in many densely populated communities. Record-breaking rainfall and the steep mountains found throughout the state created a major flooding disaster for residents of Larimer and Boulder counties. Thousands of homeowners were evacuated from some communities, returning to find that their properties were uninhabitable. Moreover, many of these homeowners found that their homes were not protected because of their lack…

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Flood insurance is an uncommon solution to a common problem in the United States

Note From The Editor
Insurance News Editorial

This Week’s Trending Topic: Flood insurance in the US is often misunderstood In the U.S., flood insurance is often a misunderstood issue. Many homeowners throughout the country live in regions that can be considered to be at high risk of flooding, either due to heavy rainfall or because of the region’s exposure to hurricanes. While homeowners in these regions of the country are exposed to flooding disasters, very few people actually have flood insurance protection. This could be due to a simple misunderstanding that most people have regarding their homeowners…

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Flood insurance purchased unnecessarily due to faulty FEMA zone maps

H. Cutner
Flood Insurance

Homeowners have been purchasing the expensive coverage that they don’t actually required due to mapping errors. The maps that have been issued by the Federal Emergency Management Agency (FEMA) and which are being used by insurers and homeowners in order to decide who is required to purchase flood insurance have been found to be riddled with errors that are now causing individuals who are at no real risk of flooding to have to buy. This coverage is required by many mortgage lenders for properties designated to be at a flooding…

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