The damage wrought by Hurricane Irene may be more than original estimated. Though the storm was not quite as powerful as has been predicted, it brought major floods to much of the East Coast. Given the scarcity of flood insurance amongst homeowners, many sought refuge from the National Flood Insurance Program (NFIP). The program has been on unsure financial footing for several months, however, being billions of dollars in debt. The program is meant to offer insurance coverage to homeowners that cannot receive such coverage through private insurance companies, yet…
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New FEMA flood maps may lower insurance rates, homeowners will have to wait a year to find out
Property insurance rates may be going down for Florida’s Marco Island as FEMA prepares new flood maps. The agency is making changes to their flood maps citing risks from pending storms and other factors. While this may be good news for residents of Marco Island, they will have to wait until next year before they see the lowered rates. FEMA has delayed the release of the Digital Flood Insurance Rate Map saying that a later release date would be in the best interest of the community. The delay will allow…
Read MoreFEMA warns of flooding and last minute insurance may be too late
Hurricane season has arrived and there have already been reports of a hurricane raging in the Pacific. Early Friday, the National Hurricane Center announced that tropical storm Adrian had graduated to a full-fledged hurricane and was heading toward land. It is expected to reach the coasts of Mexico within the next day. On the other side of the country, in the Gulf Coast, concerns are rising as to what disasters this season could bring. Along the Mississippi River, the danger of flooding due to storms is all too real. Storms…
Read MoreVirginia homeowners urged to review insurance for items not covered this hurricane season
Virginia state insurance regulators are cautioning homeowners to review their policies as the hurricane season begins. Regulators note that several insurance policies include deductibles for wind damage caused by hurricanes, but many others do not. This disparity leads to lapses in coverage that are prevalent throughout the state. The State Corporation Commission says that even if homes are protected against wind damage, there is still the possibility of water damage. Regulators assert that the majority of hurricane losses stem from flood damage. The majority of property insurance policies available in…
Read MoreUninsured schools lie in direct path of flooding
Louisiana’a Morganza Spillway was opened early last week by the U.S. Army Corps of Engineers in an effort to relieve pressure from the swelling Mississippi River. Waters coming through the spillway are expected to cause damage to crops along their way to the Atchafalaya River. However, the amount of water pouring is causing the river to overrun its banks, putting a number of schools in the area at risk of flood damage. Many of the schools are not covered by any form of flood insurance. Risk manager for the Terrebone…
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