Tag: flood insurance policy

FEMA announces 120-day NFIP grace period for flood policy renewals

Marc
NFIP grace period - Flood - homes

The Federal Emergency Management Agency is lengthening this time from having been 30 days. The Federal Emergency Management Agency (FEMA) has announced the extension of the NFIP grace period for flood insurance policy renewals to 120 days. The National Flood Insurance Program’s limit used to be thirty days. The reason the NFIP grace period length has changed is that FEMA is aiming to provide customers with relief at the moment. It acknowledges that many people are struggling with financial hardships from the coronavirus pandemic. Therefore, the extension is meant to…

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Buy flood insurance now as opposed to waiting, says FEMA

G. Turner
Buy Flood Insurance - Flood Waters - Caution sign

The Federal Emergency Management Agency is telling people not to delay before purchasing coverage. FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage. The policies to which FEMA referred are through the National Flood Insurance Program. Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a…

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New FEMA maps may lead to more flood insurance policy sales

G. Turner
Flood Insurance Policy Water

A higher number of homeowners may soon find themselves being required to purchase coverage. In Tennessee, many homeowners who have never had to purchase a flood insurance policy before might find that situation changing. The Federal Emergency Management Agency (FEMA) has updated its flood maps and in certain counties, this has meant considerable change. For instance, in Davidson county, Tennessee, over 4,400 properties are newly considered to be in high risk zones. This means that thousands of property owners are also finding themselves in need of a flood insurance policy…

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West Virginia flood insurance rare despite increased risk

G. Turner
West virginia Flood Insurance Coverage

The vast majority of homeowners don’t have coverage against the most expensive type of natural disaster. West Virginia flood insurance has yet to become commonplace in that market. That is problematic when taking into account the fact that flooding is the fastest growing form of natural disaster. Moreover, it is also the most costly form of natural disaster in the state. In the majority of West Virginia counties, not even one percent of households have this insurance coverage. Not even a month after deadly flooding struck a great deal of…

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Flood insurance companies in France could face over $2 billion in losses

Julie Campbell
France flood insurance companies - Seine June 2016

The rising Seine River has caused water to rush overland and this flooding is expected to be very costly. The government of France has declared the flooding of the Seine to be a national disaster today, which has laid the path for flood insurance companies to begin the process for claims filings and payments for their policyholders. The Seine River has started to recede after having reached its highest level, making assessments possible. Flood insurance companies met with the French government this week to help to assess the damage left…

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Flood insurance premiums to grow in the US

S.Vagus
flood insurance news

Homeowners will face higher flood premiums as of April 1 Flood insurance premiums in the United States are set to spike on April 1. Those with coverage through the National Flood Insurance Program (NFIP) will see higher rates as the program continues to recover from its massive $24 billion debt. Much of the debt came in the wake of Hurricane Katrina and Hurricane Sandy. These two disasters caused significant financial damage, which NFIP has been unable to recover from despite action taken by Congress. Consumers believe higher rates may be…

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Canadians wrongly feel they have flood insurance with their homeowners policies

Julie Campbell
flood insurance storm damage

A recent study has found that 65 percent of people in that country believe they have protection they don’t. A recent survey conducted by Square One has determined that among the 1,500 Canadian participants, 65 percent erroneously believed that they had flood insurance included within their homeowners policies. This misconception about the coverage was more common in some provinces than it was in others. For instance, homeowners insurance customers living in Manitoba were the most likely to think they were protected against overland flooding. Equally, those in Saskatchewan were the…

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