Tag: flood insurance rates

Flood insurance costs compel homeowners to raise their homes

G. Turner
Flood homeowners Insurance Rates raising homes

The new maps that have been released by FEMA are placing pressure on policyholders through rising costs. Now that the Federal Emergency Management Agency (FEMA) has released its new maps, many homeowners are finding that their flood insurance costs are high enough to have them pay hundreds of thousands of dollars to raise their homes to bring the premiums down. FEMA has rewritten the Louisiana flooding zone maps, requiring many to raise their homes. The increased risk of water damage has caused FEMA to have to change the rules when…

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Flood insurance law leads to surge in rates

S.Vagus
flood insurance rates

Flood insurance premiums set to spike due to federal law A federal law enacted in 2012 is beginning to have a significant impact on flood insurance rates in the U.S. The Biggert-Waters law was officially enacted just before the impact of Hurricane Sandy in 2012. The law requires premiums associated with policies under the National Flood Insurance Program to better reflect the risks associated with floods. This generally means an increase in premiums for the 5.6 million policies that the federal program represents. Biggert-Waters law aims to mitigate losses for…

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Flood insurance rate increases anger homeowners

H. Cutner

Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…

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Homeowners band together to protest flood insurance rate hikes

Logan B.
flood insurance rates

Flood insurance rates set to soar in the US Hundreds of thousands of homeowners throughout the U.S. are bracing for the impact of higher flood insurance rates as the Federal Emergency Management Agency (FEMA) makes sweeping revisions to its flood maps and federal lawmakers seek to introduce further reforms to the National Flood Insurance Program. FEMA has been slow to revise its flood maps; so much of the concern among homeowners is related to reforms that were passed last year concerning the federal flood insurance program. These reforms are scheduled…

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Some could avoid flood insurance rate hikes in the US

S.Vagus
flood insurance rates

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…

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