Live Insurance News

Flood insurance in Louisiana comes under review

August 12, 2013August 10, 2013 Logan B.

Federal officials flock to Louisiana to examine flood insurance The National Flood Insurance Program has been a controversial topic for several years in the U.S. The federal program is typically the only place for homeowners to find the flood insurance protection they need. Those in risk-prone areas of the country have a heavy reliance on the program, which is a problematic issue in itself due to the program’s crippling financial troubles. In Louisiana, federal officials overseeing the program have begun touring the state in order to gain a better understanding…

Some could avoid flood insurance rate hikes in the US

July 22, 2013July 20, 2013 S.Vagus

New measure could provide reprieve from flood insurance rate increases Hundreds of thousands of homeowners in the U.S. could be facing higher flood insurance costs due to legislation that was passed last year. Earlier this week, however, a measure was introduced to the Senate that could give homeowners as much as a one-year reprieve from higher flood insurance rates. The measure has managed to gain strong support from legislators who believe it is in the best interests of consumers, many of whom have been suffering from the financial pressures associated…

Rising flood insurance premiums spark protests among homeowners

July 10, 2013July 8, 2013 Marc

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…

Flood insurance rates may spike in Vermont

July 4, 2013July 1, 2013 Nordstrom

Flood insurance could become costlier in Vermont and elsewhere With the Eastern U.S. having been battered by recent storms, flood insurance is at the forefront of many homeowners’ minds. Before the summer is over, the East Coast is likely to experience further storms, though the severity of these potential disasters is impossible to determine currently. While natural disasters may be unpredictable, Vermont officials are preparing for the worst case scenario, and that means warning residents of the potential for rising flood insurance rates. Regulator warns of impending rate increase The…

Flood insurance program changes could increase rates

June 1, 2013May 30, 2013 H. Cutner

The national program will be facing some alterations and this could impact the amount paid for coverage. As today is the official start of the hurricane season and homeowners are being cautioned that there are some changes that are on the way for the National Flood Insurance program (NFIP) because it could impact the rates that they are paying. This is especially true in areas of considerably higher risk, such as in the South of Florida. The flood insurance claims that came swamping in following Superstorm Sandy made FEMA have…

Flood insurance legislation filed by U.S. Senator

May 24, 2013May 25, 2013 H. Cutner

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.…

Flood insurance cost increase delay sought by senators

May 15, 2013May 25, 2013 H. Cutner

Following the struggles that have been brought about by Superstorm Sandy, higher rates could be crippling. According to Senator Robert Menendez, choosing to increase the rates for flood insurance at the moment could be highly damaging to the residents of New York and New Jersey, who are still struggling to rebuild their homes and businesses after they were demolished by Superstorm Sandy. The victims of the storm are already coping with the new flooding zone maps that often require changes. The rebuilding has already led to increased costs as many…