Flood insurance proves elusive among US homeowners

hurricane sandy flood insurance news

Survey shows flood insurance is relatively unpopular A new survey from Consumer Reports highlights the lack of flood insurance coverage among many U.S. homeowners. Floods are one of the most common and financially disastrous catastrophes in the country, but many people opt not to cover their homes and other properties because of the concept that they are immune to such disasters. The survey found that one out of three homes damaged by floods during 2012’s Hurricane Sandy were not protected by flood insurance coverage of any kind. Conventional homeowners insurance…

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Flood insurance affordability demanded in Hurricane Sandy report

Hurricane Sandy Damage flood Insurance surcharge

The task force that has been assigned to the Superstorm in the United States has released a report. According to a report that was just released by the Hurricane Sandy Rebuilding Task Force, there are 69 recommended actions that coastal areas should take as a lesson from the superstorm, including making flood insurance a more affordable form of coverage for home and property owners. The American task force identified these various recommendations to help to prevent the recurrence of similar devastation. At the start of this year, the Disaster Relief…

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Flood insurance in need of modernization in the US

Flood Insurance Report

Report highlights the need to modernize flood insurance The U.S. National Flood Insurance Program is archaic, according to a new report from the National Research Council of the National Academy of Sciences. The report suggests that the flood insurance program is in dire need of modernization and could benefit from better risk management practices in the future. Researchers indicate that how the program manages risks associated with properties behind flood levees is one example of how outdated the program actually is. NFIP risk management seen as outdated In improving its…

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