Tag: flood insurance program

Flood insurance still hasn’t been purchased by some homeowners

Julie Campbell
Flood Insurance

As hurricane season enters its peak period, warnings have been issued to those individuals. The most active part of the Atlantic hurricane season is now underway and homeowners who have not yet purchased flood insurance are being cautioned to do so as soon as possible. They are being warned that homeowners insurance may not cover the flooding from the storms. With a flood insurance policy, the property is covered against storm surges in addition to the torrential rains which can cause significant flooding. The Insurance Information Institute has explained that…

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House of Representatives votes on 30-day flood insurance program extension

Flood insurance

Federal bill would authorize new research to look into ways to draw private insurers into the marketplace. The House of Representatives is voting on a 30 day extension for the federal flood insurance program, which would also authorize a new study that would look into various ways that could help to attract more private carriers into the market. The vote is expected to pass, so that the extension can begin and the research can move forward. A different short-term extension was offered in the Senate by Majority Leader Harry Reid…

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FEMA pushes for renewal of National Flood Insurance Program

Flood insurance

NFIP set to expire without Congressional action The National Flood Insurance Program (NFIP) is scheduled to expire, once again, on May 31 of this year. The program is the primary source of flood insurance for homeowners throughout the country. Many private insurance companies either do not offer or have stopped offering flood insurance coverage in states where floods and heavy rainfall is common. As such, many homeowners rely on the federal program to protect them from natural disasters. Unfortunately, the program has been crippled by monumental debt, which has threatened…

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Newly mapped FEMA flood plain requires some Michigan residents to purchase coverage

Certain residents of Michigan have recently received letters from their mortgage companies, informing them that they will be required to purchase flood insurance, or that coverage will be bought on their behalf. This is the result of a newly mapped flood plain by the Federal Emergency Management Agency (FEMA) and affects the residents of the Frank and Poet Drain, who are currently in an uproar over the sudden cost. Since February 2012, when the new Flood Insurance Rate Maps (FIRMs) went into effect, there has been a much larger area…

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Many U.K. homeowners may not be able to obtain flood insurance by 2014

H. Cutner

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

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