Live Insurance News

West Virginia seeks to open flood insurance to the private market

February 24, 2014February 25, 2014 Logan B.

States begin taking matters into their own hands when it comes to flood protection As U.S. federal lawmakers continue to work to find a solution to the problems facing the National Flood Insurance Program, states are beginning to take steps to address these issues on their own. Typically, homeowners can only find the flood protection they need through the federal program. The program, however, is crippled by debt that has made it nearly impossible for the program to provide coverage adequately. Because federal lawmakers have been slow to resolve the…

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…