The costs associated with Storms Desmond, Eva and Frank has insurers starting to feel some pressure. Britain has faced one damaging storm after the next, as Storms Desmond, Eva and Frank brought flooding and winds that left catastrophes behind and that now have insurance companies feeling the pinch from the associated costs. In fact, many of the insurers that are now counting up the total cost are some of the largest in the country. Victims of the flooding have now started to submit their claims to their insurance companies and…
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Flood insurance purchased unnecessarily due to faulty FEMA zone maps
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…
Read MoreFlood insurance policies recommended to Florida residents before hurricanes begin
Homeowners are urged to purchase their protection ahead of potential flooding problems. Kevin McCarty, the commissioner for Florida, has released an official announcement that is urging homeowners in the state prepare for the upcoming hurricane season through the purchase of flood insurance before the storms start to arrive. The last few years have shown the weather to be fierce and unpredictable, so it is best to be prepared. Flood insurance coverage is available to business owners, homeowners, and renters through the National Flood Insurance Program (NFIP) to communities that are…
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