Realtors have raised an alarm regarding flood insurance. Flood insurance is currently a major, yet little known issue in the U.S. Most homes do not have protection against flood damage and those homes that are required to have such protections as per their mortgage agreements obtain this coverage through the National Flood Insurance Program (NFIP). The federal program has been crippled by debt, however, making its future uncertain. If the program does fail, realtors from the National Association of Realtors fear that the still-fragile housing market may not survive the…
Read MoreTag: flood prone areas
Storms raging in the Southeastern U.S. may put heavy burden on those without flood insurance
Tropical Storm Lee is making its way through the Southeastern U.S. bringing torrents of rain and the fear of widespread flooding. On its heels is Hurricane Katia, which has forecasters baffled as to where it will be heading. Lee made landfall over the weekend, inundating Florida, Georgia, Mississippi and parts of Louisiana with water. The storm will put strain on an insurance industry that is already reeling from the passing of Hurricane Irene last week and has many worried whether the industry can handle another flood disaster. Flood insurance is…
Read MorePoliticians demand for flood peril to be defined by insurance companies
Insurers in Australia have been confronted with their share of controversy since the floods in Queensland and are now hard pressed to come up with answers. The Minister of Employment and Economic Development, Andrew Fraser, states there is no obvious difference in damages caused by storm, flash flooding or riverine flooding, and that the clean-up after such damages is indistinguishable. He takes issue with the fact that many insurance policies can draft clear definitions regarding the damage. The issue lies in many insurers refusing, or being unable, to pay for…
Read More