Live Insurance News

Flood insurance law leads to surge in rates

August 16, 2013August 13, 2013 S.Vagus

Flood insurance premiums set to spike due to federal law A federal law enacted in 2012 is beginning to have a significant impact on flood insurance rates in the U.S. The Biggert-Waters law was officially enacted just before the impact of Hurricane Sandy in 2012. The law requires premiums associated with policies under the National Flood Insurance Program to better reflect the risks associated with floods. This generally means an increase in premiums for the 5.6 million policies that the federal program represents. Biggert-Waters law aims to mitigate losses for…

Flood insurance mandate defeated in Illinois

July 10, 2012July 9, 2012 Julie Campbell

Congressional delegation members in the state bring the measure to a halt. Illinois congressional delegation members have announced that a flood insurance mandate for homeowners residing behind what they feel are healthy barriers against flooding, has been defeated. The proposal had initially been an element of the reauthorization bill for the National Flood Insurance Program. However, according to federal lawmakers, the mandate for the coverage was buried within the Illinois bill without much warning. U.S. Senator Dick Durbin has announced that this provision has now been successfully removed by the…