Flood insurance refunds are on their way

flood insurance rates

FEMA is issuing $100 million in insurance refunds to homeowners throughout the US The U.S. Federal Emergency Management Agency (FEMA) is issuing some $100 million in flood insurance refunds to policyholders receiving coverage through the National Flood Insurance Program (NFIP). The agency is issuing refunds to those that have overpaid for their coverage due to the provisions of the Biggert-Waters Act, a legislation that caused a significant spike in insurance premiums over the past year. The initial wave of refunds should begin on October 1 and the last refunds are…

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FEMA ban on flood insurance rebates challenges by Florida insurer

California health Insurance payment

FEMA seeks to ban insurance commission rebates FEMA has come under fire recently in Florida after the agency decided to stop insurance companies from offering rebates to consumers who purchase flood insurance coverage. These rebates would have been garnished from the commission of insurance agents. Consumers purchasing or renewing flood insurance policies through the federal National Flood Insurance Program would have been eligible for these rebates. FEMA believes that these flood insurance rebates are a source of recent complaints consumers have been having regarding the National Flood Insurance Program. Insurer…

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