Flood insurance premiums may lead to partial law repeal

fema flood insurance law

FEMA’s program regulations will be subject to a vote in the house as early as this week. The 2012 law that reformed the National Flood Insurance Program, which is suffering from an overwhelming amount of debt that has no end in sight, will be facing a vote as early as this week, which could partially repeal the regulations that have been put in to place – and more that would have been on their way. The law was designed to make it so that individuals living in higher risk areas…

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Flood insurance hike delay strategy in the works by lawmakers

coastal flood homeowners insurance

A bipartisan effort to delay the rate increases by four years is trying to ensure that coverage will remain affordable. A bipartisan lawmaker group is now in the midst of an effort to delay the changes to the federal flood insurance program for another four years, as they are currently threatening to stick thousands of homeowners with hikes to their premiums that they will not be able to afford. This move has been made at a time in which the government is lining up to make a massive overhaul of…

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Flood insurance purchased unnecessarily due to faulty FEMA zone maps

Flood Insurance

Homeowners have been purchasing the expensive coverage that they don’t actually required due to mapping errors. The maps that have been issued by the Federal Emergency Management Agency (FEMA) and which are being used by insurers and homeowners in order to decide who is required to purchase flood insurance have been found to be riddled with errors that are now causing individuals who are at no real risk of flooding to have to buy. This coverage is required by many mortgage lenders for properties designated to be at a flooding…

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