Tag: Flood Insurance

Total Hurricane Florence damage estimates now up to 11 figures

Logan B.
Hurricane Florence Damage - Flooding

The home and business property damage done from the storm’s flooding is notably higher than expected. The estimated Hurricane Florence damage total from the extreme flooding is considerably higher than previously predicted. The water and wind has left damage that is now estimated to be in the 11 figure range. Repairs from the damage that slammed the Carolinas and Virginia will be very costly. North Carolina was hit with the majority of the Hurricane Florence damage. It faced days of downpours. Lawmakers have been meeting this week to discuss the…

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National Flood Insurance Program Expires in Under 2 Weeks

Nordstrom
National Flood Insurance Program - Hourglass - Time

The last day for the program will be July 31st unless Congress changes or renews it. The National Flood Insurance Program (NFIP), which covers five million homes against the risk of flooding, is about to expire. In fact, in under two weeks, on July 31, the program will come to an end unless Congress acts to extend it. Congress could renew it as-is or could attempt to agree to change it, but they’re running out of time. If the National Flood Insurance Program is not renewed, those with coverage will…

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Flood insurance program risks expiry (again) as hurricane season starts

Julie Campbell
Standard homeowners insurance policy may not cover short term rental damage

Seven million homes are at risk of damage from Atlantic storms and coverage may be up in the air again. After already facing a named storm this year, the flood insurance program is back in the spotlight. Yet again, after the disaster – both left behind by weather and in the expiration of the program – in 2017, the coverage program is due to expire. Last year brought record-breaking damages from natural disasters and the full totals aren’t in yet. This year, Americans are feeling less confident about their safety…

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FEMA moves forward with its own flood insurance changes

Logan B.
Flood Insurance Changes - Boots underwater

The Federal Emergency Management Agency has decided to take NFIP tweaks into its own hands. The Federal Emergency Management Agency revealed its intentions to make a number of flood insurance changes. The National Flood Insurance Program (NFIP) is facing massive and rising debt levels. There are many flaws in the program causing it to become unnecessarily expensive. Therefore, FEMA decided to help make changes to bring significant funding back to NFIP. The idea behind the latest flood insurance changes is to draw more private funds into the government-led coverage market.…

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Florida flood insurance rates are on the rise in April

G. Turner
National Flood Insurance Program - Flooding on road

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

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