Live Insurance News

Flood insurance costs send homeowners to rally and demonstrate

September 2, 2013August 31, 2013 G. Turner

The residents of the coastal regions of the United States are gathering together to speak out against the skyrocketing prices. Following regular and continual announcements that flood insurance rates are significantly rising, particularly in the coastal regions of the country that were damaged by Superstorm Sandy, residents are rallying to speak out against the astronomical prices. Some of the residents are seeing premiums of over $30,000 per year, which is a potentially devastating figure. Flood insurance premiums at that level could easily annihilate some of the shorefront communities, according to…

FEMA official will testify on flood insurance issues

August 28, 2013August 26, 2013 Marc

Flood insurance continues to be a problem in the US Flood insurance rates in the U.S. are set to rise as the Federal Emergency Management Agency (FEMA) redraws vital flood maps around the country and major changes to the National Flood Insurance Program become active. FEMA has been working to address the changing risks associated with floods and natural disasters over the past few years and revising its flood maps is a major part of this process. Unfortunately for homeowners in risk-prone areas, this could mean higher flood insurance rates.…

Flood insurance costs compel homeowners to raise their homes

August 26, 2013August 24, 2013 G. Turner

Flood homeowners Insurance Rates raising homes

The new maps that have been released by FEMA are placing pressure on policyholders through rising costs. Now that the Federal Emergency Management Agency (FEMA) has released its new maps, many homeowners are finding that their flood insurance costs are high enough to have them pay hundreds of thousands of dollars to raise their homes to bring the premiums down. FEMA has rewritten the Louisiana flooding zone maps, requiring many to raise their homes. The increased risk of water damage has caused FEMA to have to change the rules when…

Flood insurance affordability demanded in Hurricane Sandy report

August 23, 2013August 20, 2013 Julie Campbell

Hurricane Sandy Damage flood Insurance surcharge

The task force that has been assigned to the Superstorm in the United States has released a report. According to a report that was just released by the Hurricane Sandy Rebuilding Task Force, there are 69 recommended actions that coastal areas should take as a lesson from the superstorm, including making flood insurance a more affordable form of coverage for home and property owners. The American task force identified these various recommendations to help to prevent the recurrence of similar devastation. At the start of this year, the Disaster Relief…

Flood insurance initiative runs into problems in the UK

August 22, 2013August 19, 2013 S.Vagus

UK Flood homeowners Insurance companies Flood Re Plan

UK flood insurance initiative may be lacking foresight The United Kingdom’s new flood insurance initiative, called Flood Re, may not adequately account for the risks that many properties face, according to a new study from the London School of Economics. The flood insurance initiative operates as a flood fund, creating a financial windfall for homeowners, the UK government, and the insurance industry. The fund is meant to mitigate the costs associated with flood disasters and represents several years’ worth of negotiation between the UK insurance industry and the government. Flood…