Tag: flood risks

Will New Legislation Lure Property Insurance Providers Back to California?

Loreen
california property insurance

California’s Property Insurance Landscape through the Disaster Resiliency and Coverage Act In a significant move to address the growing challenges facing the property insurance market in California, Bay Area congressional representatives are spearheading an initiative designed to entice property insurance companies back into the state. Spearheaded by US Rep. Mike Thompson (D-St. Helena), the proposed bipartisan legislation seeks to mitigate insurance carriers’ losses by offering property owners financial incentives to enhance their emergency preparedness. Dubbed the Disaster Resiliency and Coverage Act (House Resolution 7849), the legislation was unveiled on Thursday…

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Understanding flood insurance in the US

Note From The Editor
Flood homeowners Insurance Program

Flood protection is a problematic issue Flood insurance has become a strange subject in the U.S. Many homeowners are unaware of flood protection, but for those living in coastal regions of the country this protection is mandatory. Private insurers do not typically offer flood protection because of the costly nature of natural disasters and how often these disasters can cause floods in certain parts of the country. As such, the only place that most homeowners can find flood protection is through the National Flood Insurance Program. Receiving protection from this…

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All About Flood Insurance – What you need to know

Guest Author
Flood insurance marketplace - Digital Insurance

Floods occur in every state in the United States. Recent flooding in Colorado resulted in multiple fatalities and property damage estimated at more than two billion dollars. Amidst the tragedy there are reports that 10 to 25 percent of Colorado homes have separate flood insurance policies. Six percent of the 77,000 detached homes in oulder County had flood insurance, only 2.3 percent of El Paso County single-family homes (170,000) had insurance for floods, and only 1.5 percent of Larimer County’s 90,000 homes were covered against floods. Flood insurance is an…

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SMARTERSAFER.ORG ASKS PRESIDENT OBAMA TO CALL FOR CONGRESSIONAL ACTION ON NFIP

Guest Author

PRESS RELEASE: SmarterSafer.org today asked President Obama to use his upcoming State of the Union address to urge Congress to take meaningful reform of the National Flood Insurance Program (NFIP). The U.S. House of Representatives overwhelmingly passed a bill that makes a number of needed reforms that would put NFIP on sound financial footing, and the U.S. Senate Banking Committee unanimously approved a similar bill in September. “We believe the House and Senate bills can be easily reconciled, with a final bill sent to your desk for signature this year,”…

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