Recent storm bringing widespread flood damage have brought the issue of flood insurance into the limelight. Despite it being required in some areas prone to flooding, flood insurance is rare throughout the country. Many insurance companies do not offer such coverage because the potential for loss. Those that do offer the coverage do so at a high price, making it, in some cases, unaffordable for homeowners. Complicating matters is the ailing National Flood Insurance Program, which is meant to provide consumers with affordable access to flood insurance. The program is…
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North Dakota residents may need to purchase flood insurance as FEMA’s flood map grows to include 7,500 homes
As FEMA prepares to release its revised flood maps the agency is issuing information to states that may be affected by the changes. North Dakota has recently received such information, which may have more people clamoring for insurance coverage when the flood map is released. FEMA’s flood maps are important to both home owners and insurance companies in order to determine the necessity and value of flood insurance. With major storms causing widespread flood damage, FEMA has been keen to make changes that are meant to help people protect their…
Read MoreCongressional panel votes to reform National Flood Insurance Program
As the East Coast continues to struggle with rampant floods caused by Hurricane Irene and Tropical Storm Lee, there may be hope on the horizon for many without flood insurance. The Senate Banking Committee has voted to overhaul the National Flood Insurance Program (NFIP) instead of letting the program cease at the end of the month. The panel’s vote supports an overarching legislation that would ensure that the federal insurance program would continue to run for another five years, a bill that had already been passed but was whose execution…
Read MoreFlood insurance program is still fishing in troubled waters
The Hurricane Irene flood damage has come at a bad time for the National Flood Insurance Program (NFIP) as Congress is currently debating the way in which the debt-strapped program will be overhauled when it expires on September 30. This looming expiry has real estate and insurance industry lobbyists saying that it is not likely that any long term agreement will be completed by lawmakers in time. For this reason, it is probable that the program will be extended over the short-term. One of the main issues being faced is…
Read MoreStorms raging in the Southeastern U.S. may put heavy burden on those without flood insurance
Tropical Storm Lee is making its way through the Southeastern U.S. bringing torrents of rain and the fear of widespread flooding. On its heels is Hurricane Katia, which has forecasters baffled as to where it will be heading. Lee made landfall over the weekend, inundating Florida, Georgia, Mississippi and parts of Louisiana with water. The storm will put strain on an insurance industry that is already reeling from the passing of Hurricane Irene last week and has many worried whether the industry can handle another flood disaster. Flood insurance is…
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