Flood insurance hike delay strategy in the works by lawmakers

coastal flood homeowners insurance

A bipartisan effort to delay the rate increases by four years is trying to ensure that coverage will remain affordable. A bipartisan lawmaker group is now in the midst of an effort to delay the changes to the federal flood insurance program for another four years, as they are currently threatening to stick thousands of homeowners with hikes to their premiums that they will not be able to afford. This move has been made at a time in which the government is lining up to make a massive overhaul of…

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Flood insurance to be offered by Florida private insurers

flood insurance news

Two providers in the state have decided to work to offer cheaper alternatives to residents. There are two private flood insurance companies that have appeared to offer residents of Florida some alternatives to the skyrocketing rates under the federal program that is currently the primary option in the state. These two insurers are hoping to be able to offer the coverage for less money than residents would otherwise pay. The rates that are currently offered under the National Flood Insurance Program (NFIP) are rising higher and two insurers – the…

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Flood insurance struggles experienced across Canada

Canada flood insurance industry

Experts are saying that insurers will attempt not to have to pay, more often than not. As a growing number of regions across Canada continue to recover from various flooding events, homeowners and business owners are discovering that making successful flood insurance claims is proving to be considerably more challenging than they had anticipated. Many people feel that their insurers are wronging them when they make their initial claims. According Yahoo Finance’s Ashleigh Patterson, more often than not, flood insurance companies will try to make an attempt not to pay…

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Flood insurance downfalls revealed following superstorms on the east coast

Flood Insurance Hurricane Sandy Jersey Shore

The damage, destruction, and devastation from Sandy revealed many flaws in the national program. The catastrophe and chaos that has been left behind on the Jersey Shore and other areas on the east coast is now being called a direct reflection of some of the many failings of the current flood insurance program and is drawing attention to issues that may be on the rise in the near and long term future due to climate change. The storm surge from the most recent superstorm came inland as far as half…

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