Live Insurance News

Navigating California’s Flood Insurance Crisis: What Homeowners Must Know

October 22, 2024October 21, 2024 John B.

California’s Escalating Flood Insurance Crisis California is facing another significant challenge in the property insurance sector, this time concerning flood insurance. American National Property and Casualty Company, one of the major insurers, has announced plans to withdraw flood insurance coverage starting in early 2025. This decision will initially impact 271 customers, leaving many homeowners urgently searching for alternative coverage. This development is part of a broader trend in the state, where escalating wildfire and flood risks are prompting insurers to reassess their exposure levels in various regions. Some High Risk…

Is your flood insurance ready for Atlantic Hurricane Season’s start tomorrow?

May 31, 2024May 30, 2024 John B.

The official beginning is June 1 and experts are predicting that it will be an active one With the start of Atlantic Hurricane Season tomorrow, preparedness experts are reminding consumers who have waited until the last minute about the importance of flood insurance. FEMA is among those urging property owners to buy coverage Hurricanes can cause damage from many different issues, ranging from high winds to flooding, but the latter requires additional flood insurance coverage as rising overland waters are not typically covered by a standard home policy. Many people…

California Insurance Commissioner Lara warns consumers of flood insurance fraud

February 7, 2024February 6, 2024 G. Turner

As San Diego County started its clean-up efforts, residents are warned of dubious companies preying on victims. Flood insurance claims are up in San Diego, where hundreds of properties and vehicles were damaged and destroyed by recent flooding, but California Insurance Commissioner Ricardo Lara has placed his department on alert for fraud and other illegal activities targeting the victims of the flooding. The Department is already receiving reports that consumers claim public adjusters have been contacting them. Immediately after the recent floods, some home and business owners say they were…

Is the lack of flood insurance coverage the next coverage crisis for California?

October 9, 2023October 5, 2023 Nordstrom

Flood insurance - Home on life preserver - California crisis

Thousands of homes may be at risk of flooding, but few are covered against this type of catastrophe. Though we tend to think of wildfires as the main risk to property owners in California, climate change and a majority of homes without flood insurance could create an entirely new crisis in coming years. Many predictions indicate that sea level is expected to rise in many areas of the country, including California. Places like the Bay Area are considered to be at particular risk of this future development. Thousands of families…

FEMA flood insurance rate update released by ZIP code and county

May 11, 2023May 10, 2023 Nordstrom

The Federal Emergency Management Agency has unveiled its price increase updates. The Federal Emergency Management Agency’s (FEMA) Risk Rating 2.0 flood insurance calculation method caused an uproar among advocates and critics who said that homeowners were destined to send prices skyrocketing for thousands of property owners. Homeowners in low-elevation coastal locations would be particularly affected, said critics. FEMA has now released data that reveals where prices will be increasing and decreasing, based on county and ZIP codes. The Miami Herald conducted an analysis of the new data and determined that…