Tag: flooding insurance

Flood insurance rates for non-primary homes to rise next year

Nordstrom
Flood homeowners Insurance Program

FEMA memo highlights an increase in insurance rates for non-primary homes Flood insurance rates on non-primary homes are set to rise by a significant margin next year. Policies for old, primary homes are expected to have their rates increase by an average of 15% after April 1, 2015, but non-primary homes could see rates spike by 37% on average, according to a recent memo from the Federal Emergency Management Agency (FEMA). The federal agency manages the National Flood Insurance Program, which is the only place many homeowners can find insurance…

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FEMA sets up a new flood insurance advocacy office

Logan B.
flood insurance policies

FEMA has created a new office that will serve as a consumer advocacy group The Federal Emergency Management Agency (FEMA) has begun taking steps to form an independent advocacy office that may help people navigate the complexities of the National Flood Insurance Program. The agency was tasked with forming such an office by a flood insurance law that was passed earlier this year. Congress had already established a similar office, but did not provide the funding needed to operate it. As such, the new office being established by FEMA will…

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Flood insurance premiums may lead to partial law repeal

G. Turner
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 rate increases front and center in Scott and Obama talks

H. Cutner
flood insurance

The governor had the opportunity to speak to the White House this week in a meeting with the President. Governor Rick Scott or Florida has been making a tremendous effort to try to put the spotlight on the issue of the increases in flood insurance rates which have impacted many states, among which his own has been one of those hit the hardest. He finally received an ideal chance to address this topic with the President, this week, at the White House. As a result of a law passed in…

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UK flood insurance could cost insurers at least £500 billion

G. Turner
UK Flood Insurance

This expense could rapidly double if the disastrous weather conditions keep up in the country. The latest data from a Deloitte LLP partner is showing that the storms and flooding that are pounding on the country – one after the next – could cost the home, auto, and UK flood insurance industry a minimum of £500 million. That is only considered to be a starting point as the cost could end up being much higher. This amount, which is about $822 million, could double, according to the partner, James Rakow,…

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