Tag: Flood Insurance

Digital flood insurance marketplace launches between Flow and INSTANDA

H. Cutner
Flood insurance marketplace - Digital Insurance

The new digital platform provides agents with a chance to compare quotes and NFIP rates. Flow Insurance has announced the launch of their new flood insurance marketplace, which it has created with the help of the INSTANDA complete digital platform. Consumers can now use the service to obtain quotes from several insurers along with NFIP. The flood insurance marketplace was developed and launched in five months as a joint effort between Flow and INSTANDA. The result is a digital platform that allows agents to obtain quotes from as many as…

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Insurance companies likely won’t have to pay for most of Hurricane Fiona’s damages

Julie Campbell
Insurance companies - Hurricane Damage - Home Damage

The majority of the damage caused by flooding from the storm surge isn’t included in most policies. Though the amount of insured damage caused to Atlantic Canada by Hurricane Fiona is expected to reach about $700 million, insurance companies likely won’t have to foot the bill for most the damage the storm left behind. Hurricane Fiona could become the costliest storm to hit that part of the country, including 5 provinces. Insurance companies likely won’t be taking the brunt of the massive damage total wracked up by Hurricane Fiona since…

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New NFIP rating system has now taken effect

Marc
NFIP - calculations

The National Flood Insurance Program’s newest changes started on October 1. The changes made to the rating system for the National Flood Insurance Program (NFIP) went into effect as of October 1, as the Federal Emergency Management Agency (FEMA) implemented its Risk Rate 2.0. At the start of this month, the premiums paid by policyholders in this program start being impacted. The precise change in NFIP premiums under the new Risk Rate 2.0 depends on many factors. According to FEMA reports, there are several changes made to premiums calculations that…

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Policyholders will pay 77 percent more in flood insurance rates, says study

H. Cutner
Flood insurance rates - money in water

On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…

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FEMA unveils NFIP Risk Rating 2.0 with potential for cheaper flood insurance

Nordstrom
NFIP Risk Rating 2.0 - Piggy Bank - Savings

The Federal Emergency Management Agency is promising reduced rates for its policyholders. The Federal Emergency Management Agency (FEMA) has unveiled its NFIP Risk Rating 2.0 pricing strategy. This is an update to the way it calculates its National Flood Insurance Program rates for its 5 million policyholders. FEMA promises that many homeowners will see a reduction in their premiums. The new NFIP Risk Rating 2.0 strategy will mean that about two out of every three older homes will see a reduction in their premiums, according to FEMA. At the same…

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