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US lawmakers may be ready to fix flood insurance

February 19, 2014February 17, 2014 Marc

Federal insurance program continues to struggled beneath massive debt The U.S. Congress may be ready to finally find a solution to the problems that have crippled the National Flood Insurance Program. The program has been the only place that homeowners could find flood protection for several years, but the program itself has struggled under financial strain for nearly as long as it has existed. After being hit by several powerful natural disasters, the insurance program is currently more than $27 billion in debt, which has affected its ability to pay…

Flood insurance rate hike delay voted through by Senate

February 3, 2014February 1, 2014 G. Turner

As was predicted, the United States Senate has now given their approval to hold back the rising prices. Many states, particularly those with coastlines, have been expressing outrage from their homeowners as flood insurance rates have been threatening to skyrocket as a result of a law that would have forced the increases. However, the Senate has now passed a bill that would stop some of the law’s increase forcing elements. The flood insurance bill was passed with a vote of 67 to 32. This was a direct result of a…

Flood insurance increase delays moved forward by Senate

January 30, 2014January 31, 2014 Julie Campbell

Bipartisan legislation for holding back rate hikes is another step closer to being implemented. This week, bipartisan legislation has made its way through the Senate which will help to place a delay on the premium hikes that will be experienced by hundreds of thousands of flood insurance customers who reside in low lying and coastal areas. The vote of 86 to 16 showed that the support in the chamber that is powerful enough to avoid filibuster. It is more than likely that this flood insurance delay will be passed by…

Lawmakers begin to push for flood insurance reform

January 13, 2014January 12, 2014 Logan B.

Insurance rates continue to skyrocket in the US Flood insurance rates are on the rise throughout the U.S. and Congress has been feeling the pressure from homeowners and consumer advocacy groups concerning their inaction on the matter. The reason rates are growing has to do with a law passed in 2012 meant to fix the National Flood Insurance Program (NFIP). The federal program is typically the only place where homeowners can acquire flood protection. The law passed in 2012 is meant to rectify the financial problems that have crippled the…

Oregon flood insurance premiums still charged to the wrong homeowners

January 3, 2014December 31, 2013 G. Turner

The challenges that FEMA is facing within the state are clearly on the rise. Hundreds of homeowners throughout the state are finding themselves wrongly being required to pay Oregon flood insurance as they are caught up in the flaws of a system in which lenders automatically include properties located close to flooding zones in with those that are actually located in high risk areas. This means that properties nearby – but outside of – flooding zones, are deemed high risk by lenders. This is problematic for those homeowners as it…

West Virginia legislators decry rising flood insurance rates

January 2, 2014December 30, 2013 Logan B.

State lawmakers to confront Congress regarding rising premiums Lawmakers in West Virginia are beginning to express their concerns regarding rising flood insurance rates. The state’s House of Delegates plans to urge Congress to address the issue in the coming year, but whether federal lawmakers will seek to mitigate the pressure of higher insurance premiums is an uncertain matter. West Virginia lawmakers suggest that homeowners and businesses alike are suffering under the financial pressure associated with higher insurance premiums and this pressure is only expected to grow as premiums continue to…

UK flood insurance leads to confrontation with Prime Minister

January 1, 2014December 30, 2013 H. Cutner

UK cyber Insurance industry News united kingdom

David Cameron was confronted by a woman who accused him of a “betrayal” regarding the delay in the coverage program. United Kingdom Prime Minister David Cameron visited Yalding, Kent, only to be confronted by a woman named Ericka Olivares, who accused him and the Government of betraying the flooding victims through the delays in the UK flood insurance program when he had promised that premiums would be kept down. Olivares urged Cameron to push a deal forward that would make this coverage affordable. She pressured him to bring a deal…