Residential flood insurance must be available and affordable, says IBAC

residential flood insurance news

The Canadian trade organization feels that the government should no longer be an “insurer of first resort.” The Insurance Brokers Association of Canada (IBAC) said in a recent document that residential flood insurance should become available and affordable in the country. It pointed out that the Canadian government doesn’t need to be an “insurer of first resort.” Instead, it should provide a reinforcement for an existing and realistic coverage. At the moment, overland flood insurance is not available to the vast majority of Canadian homeowners. The IBAC stated that residential…

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Flood insurance rate increases anger homeowners

Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…

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Homeowners insurance customers in Alberta applaud sewer backup coverage

Homeowners flood Insurance

Some insurers have had a change of heart and are now covering the damage that they previously had refused. Some homeowners customers finally have a reason to feel good after having suffered from massive flooding in Alberta, Canada, as certain insurers have had a change of heart and are now saying that they will cover damage resulting from backed up sewers. Previously, insurers had stated that they would not provide this coverage as it was not a part of the policies. Claims had even been denied when homeowners insurance customers…

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Flood insurance could become too expensive for South Mississippi residents

Flood Insurance

Some in the area could find that the premiums are simply too high to be able to afford it. According to Coast officials in Mississippi, the increases to the flood insurance rates could lead to financial disaster for some residents living in areas that are at a higher risk of flooding. Many are worried that the impact of this change will be a considerable one, and won’t just affect one or two. According to the planning director of Jackson County, Michele Coats, “I think it’s going to be huge.” Coats…

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Flood insurance being encouraged in Minnesota

Flood Insurance and reinsurance

Homeowners being encouraged to purchase flood insurance policies Residents through Minnesota are being strongly encouraged to consider purchasing flood insurance for their homes. State officials have experienced the damage wrought by Hurricane Sandy in the East Coast, much of which was caused by heavy flooding in several states, and want to avoid seeing similar problems arise from the lack of adequate flood insurance coverage. The state has experienced some strong storms in recent months, which have highlighted the fact that many people throughout Minnesota lack flood insurance protection. Snowfall could…

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