Tag: Flood Insurance

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 affordability demanded in Hurricane Sandy report

Julie Campbell
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 initiative runs into problems in the UK

S.Vagus
UK Flood homeowners Insurance companies Flood Re Plan

UK flood insurance initiative may be lacking foresight The United Kingdom’s new flood insurance initiative, called Flood Re, may not adequately account for the risks that many properties face, according to a new study from the London School of Economics. The flood insurance initiative operates as a flood fund, creating a financial windfall for homeowners, the UK government, and the insurance industry. The fund is meant to mitigate the costs associated with flood disasters and represents several years’ worth of negotiation between the UK insurance industry and the government. Flood…

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Insurance industry in Canada facing increase in water damage claims

Julie Campbell
Canada flood insurance industry

A spokesperson from a nationwide group has released a statement on behalf of insurers to encourage people to do their part. The Insurance Bureau of Canada (IBC), an organization that represents the insurance industry in the country, has made a statement through its Atlantic vice president, Amanda Dean, to help to encourage policyholders to do their part to prevent water damage in an environment that appears to be facing a rapidly growing number of claims. Severe weather appears to be on the rise and natural disasters are becoming more common…

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Flood insurance program in UK is potentially inadequate

G. Turner
UK Flood homeowners insurance program

According to a recent study, the new plans from the government underestimate the risk and its associated cost. Researchers have been analyzing the data from the newly created flood insurance program from the government of the United Kingdom and are predicting that it will fall short because it has underestimated the number of properties that are at risk of rising waters as a result of climate change. The study proposes that climate change will vastly increase the number of properties at risk of flooding. The research was conducted by a…

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