Tag: flooding insurance

Flood insurance rate hike delay voted through by Senate

G. Turner
flood insurance storm damage

As was predicted, the United States Senate has now given their approval to hold back the rising prices. Many states, particularly those with coastlines, have been expressing outrage from their homeowners as flood insurance rates have been threatening to skyrocket as a result of a law that would have forced the increases. However, the Senate has now passed a bill that would stop some of the law’s increase forcing elements. The flood insurance bill was passed with a vote of 67 to 32. This was a direct result of a…

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Flood insurance increase delays moved forward by Senate

Julie Campbell
US government shutdown CHIP

Bipartisan legislation for holding back rate hikes is another step closer to being implemented. This week, bipartisan legislation has made its way through the Senate which will help to place a delay on the premium hikes that will be experienced by hundreds of thousands of flood insurance customers who reside in low lying and coastal areas. The vote of 86 to 16 showed that the support in the chamber that is powerful enough to avoid filibuster. It is more than likely that this flood insurance delay will be passed by…

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Lawmakers approve flood insurance legislation delaying rate increases

S.Vagus
flood insurance

Rate increases to be delayed until 2015 Federal lawmakers in the U.S. have approved legislation that will delay any large flood insurance rate increase throughout the country until 2015. This is being considered a major victory for homeowners in states like Florida and Louisiana, where flood coverage was quickly becoming impossible to afford. The approval of this legislation comes after several months of homeowners and businesses pressuring lawmakers to take action on the issue of flood insurance coverage. Lawmakers were not expected to take action on the issue until much…

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Lawmakers begin to push for flood insurance reform

Logan B.
Flood Insurance News

Insurance rates continue to skyrocket in the US Flood insurance rates are on the rise throughout the U.S. and Congress has been feeling the pressure from homeowners and consumer advocacy groups concerning their inaction on the matter. The reason rates are growing has to do with a law passed in 2012 meant to fix the National Flood Insurance Program (NFIP). The federal program is typically the only place where homeowners can acquire flood protection. The law passed in 2012 is meant to rectify the financial problems that have crippled the…

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Oregon flood insurance premiums still charged to the wrong homeowners

G. Turner
Flood Insurance - FEMA

The challenges that FEMA is facing within the state are clearly on the rise. Hundreds of homeowners throughout the state are finding themselves wrongly being required to pay Oregon flood insurance as they are caught up in the flaws of a system in which lenders automatically include properties located close to flooding zones in with those that are actually located in high risk areas. This means that properties nearby – but outside of – flooding zones, are deemed high risk by lenders. This is problematic for those homeowners as it…

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