Hurricane Irene has homeowners scrambling to review their insurance policies to take a closer look at their coverage, but all too many are discovering that they are not protected from the damage that results from flooding during this type of storm. This is the painful reality that thousands of people are facing as they clean up their flooded basements and work to repair other damage relating to flooding. Coverage for water damage is dependent on the source of the flooding. The typical homeowners policy will cover water and structural damage…
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Missouri insurance agents vent frustrations over FEMA’s handling of flood insurance
In the states struggling to mitigate the damage caused by the flooding Missouri River, insurance agents are railing against FEMA. Agents claim that federal officials are at fault for causing widespread confusion amongst property owners by pressuring them to purchase flood insurance. The main issue is that these hastily solicited policies may not provide the coverage necessary to protect homeowners from the flooding river. Furthermore, several insurance companies in the affected area say that federal officials have been pressuring insurance agents to sell policies that specifically exclude any damage caused…
Read MoreNational Flood Insurance Program on financial shaky ground
On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…
Read MoreQueensland flood insurance investigation reveals that nature wasn’t the only culprit
According to experts that were hired by insurance companies to do a further check into the damages that occured during the Queensland floods, found that the Wivenhoe Dam was a contributing factor. The owner of NRMA and CGU, Insurance Australia Group reported in detail how the water that was released from Wivenhoe including the heavy and continuous rainfall contributed to the flooding of the homes and businesses in the said Australia state. However, it was not reported how much of the damage can be blamed on Wivenhoe during the flood that…
Read MoreNew flood map ratings for Alabama residents
Legislators in Baldwin, Alabama, are working toward a measure that would add $478,000 annually to flood insurance premium savings for its residents. Baldwin first entered the Community Rating System in 1995 in order to obtain better flood insurance rates on behalf of its residents. According to the system, counties that fare well in rating are eligible for discounts for insurance in the categories they score well in. Baldwin currently ranks 7 out of 10, and enjoys a 15% discount in rates. These numbers could increase if the county’s proposed modifications…
Read MoreFEMA encourages flood insurance for spring season
The high season for flooding is from February to the end of April. All depending on temperatures and predictions of record rain fall, there are many areas that are considered high risk by FEMA, the Federal Emergency Management Agency. FEMA is paying special attention to Davison County in South Dakota. On Friday, the agency released a warning: a 98% chance of minor to moderate flooding, with at least a 50% chance of major flooding. This area is home to over 20,000 people and the biggest threat is the rising waters…
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