The damage wrought by Hurricane Irene may be more than original estimated. Though the storm was not quite as powerful as has been predicted, it brought major floods to much of the East Coast. Given the scarcity of flood insurance amongst homeowners, many sought refuge from the National Flood Insurance Program (NFIP). The program has been on unsure financial footing for several months, however, being billions of dollars in debt. The program is meant to offer insurance coverage to homeowners that cannot receive such coverage through private insurance companies, yet…
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U.S natural disasters: How the insurance industry is faring and what consumers need to know about the future.
As Hurricane Irene barrels down on the East Coast, Chris Hackett, Director of Personal Lines Policies for The Property Casualty Insurers Association of America (PCI), has quite a few things to say concerning insurance and how people will be affected by the storm. We were able to ask Mr. Hackett about current, past and even future potential natural disaster events that we all should prepare for. Here is what he had to say: Live Insurance News – With hurricane Irene beating down on the Carolinas, and maybe even New York,…
Read MoreHurricane season quickly moves in while many still pick up the pieces from the last storm
The National Oceanic and Atmospheric Administration is predicting a tumultuous hurricane season this year. The forecast, released Thursday, predicts that as many as six major hurricanes could form over the Atlantic Ocean this season. This is unsettling news for many states in the south currently struggling with national disasters of their own. Insurance companies are bracing for yet more damages. Last year’s hurricane season was relatively tame. Winds kept most tropical storms at sea and prohibited them from forming into hurricanes. “However, we can’t count on luck to get us…
Read MoreWhat to expect from newly designed flood insurance program
The House Financial Services Committee unanimously approved to extend the National Flood Insurance Program (NFIP) for another five years. Financial reforms will also be established in an attempt to get the debt burdened program back on solid financial ground. The NFIP was created by Congress in 1968. It was intended to provide an insurance alternative to disaster assistance, to help meet skyrocketing costs of repair and replacement of homes and contents damaged by floods. As of last year, more than 5.5 million homes were insured by the NFIP. The National…
Read MoreSeveral rally to keep government flood program intact
Record flooding has put Mississippi in a state of disarray. The extent of flood damage is proof enough of the importance of insurance coverage, says the state’s Insurance Commissioner, Mike Chaney. Spurred by the flooding, Chaney is petitioning Congress to renew the National Flood Insurance Program (NFIP) for another 5 years. Chaney argues that Mississippi residents relying on the program for coverage should not have to worry about their only means of protection disappearing. Several other Insurance Commissioners from across the country have joined in support of the continuance of…
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