Tag: flood insurance premiums

Flood insurance costs compel homeowners to raise their homes

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…

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Flood insurance law leads to surge in rates

S.Vagus
flood insurance rates

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…

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Flood insurance rate increases anger homeowners

H. Cutner

Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…

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Rising flood insurance premiums spark protests among homeowners

Marc
Flood Insurance - FEMA

Flood insurance rates prove controversial for FEMA Rising flood insurance costs may soon become a problem for the U.S. federal government. The Federal Emergency Management Agency (FEMA) has been working to revise the flood maps that determine what regions of the country can be considered “high risk” areas. According to FEMA, such areas are prone to floods that can cause significant damage to properties and are under considerable risk to falling victim to floods that are caused by storms. Revisions to FEMA’s flood maps have many implications, the most concerning…

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Flood insurance legislation filed by U.S. Senator

H. Cutner
flood insurance rates

The goal is to delay the rate hikes for the coverage to help businesses and residents prepare. This week, U.S. Senator Mary Landrieu (D-Louisiana) has filed legislation with the purpose of delaying increases in flood insurance premiums in order to help to provide homeowners and businesses to deal with the current repairs from previous damage and then prepare for the higher costs that they will be facing to continue their coverage. Officials feel that the cost of these policies could skyrocket in many areas before the end of the year.…

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