Lawmakers begin to push for flood insurance reform

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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Flood insurance House vote won’t happen in 2013

flood insurance rates

This will hold off the ability for the chance to delay increases, an effort put forward by several states. The most recent efforts that were being made in order to hold off considerable flood insurance rate increases in some areas were spoiled, recently, when the House bill previously submitted by Rep. Bill Cassidy (R-Baton Rouge) was withdrawn by the representative, who said that no further action would be taken on the matter before 2014. This most recent action could make it much more challenging for other efforts that had a…

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Flood insurance to be offered by Florida private insurers

flood insurance news

Two providers in the state have decided to work to offer cheaper alternatives to residents. There are two private flood insurance companies that have appeared to offer residents of Florida some alternatives to the skyrocketing rates under the federal program that is currently the primary option in the state. These two insurers are hoping to be able to offer the coverage for less money than residents would otherwise pay. The rates that are currently offered under the National Flood Insurance Program (NFIP) are rising higher and two insurers – the…

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Flood insurance costs send homeowners to rally and demonstrate

flood insurance rates

The residents of the coastal regions of the United States are gathering together to speak out against the skyrocketing prices. Following regular and continual announcements that flood insurance rates are significantly rising, particularly in the coastal regions of the country that were damaged by Superstorm Sandy, residents are rallying to speak out against the astronomical prices. Some of the residents are seeing premiums of over $30,000 per year, which is a potentially devastating figure. Flood insurance premiums at that level could easily annihilate some of the shorefront communities, according to…

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Flood insurance now assured for UK homeowners

UK Flood homeowners insurance program

Residents of many villages that thought they may no longer be able to find coverage now have it guaranteed. The people living in a number of villages throughout the United Kingdom, such as those in the area of Worcester and its surrounds, are now breathing a sigh of relief as they hear that their flood insurance will be guaranteed. The coverage was on extremely shaky grounds as the government and insurers in the country negotiated. The negotiations were not looking very promising for some time, but the government and the…

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Flood insurance claims about to spike from massive Toronto flooding

flood insurance toronto canada

The IBC has already issued a warning to insurers of the area that there will be many filings. Following a tremendous sudden downpour in the city of Toronto in Canada, that flooded roadways, homes, businesses, subway stations, and even above ground trains, the Insurance Bureau of Canada (IBC) is warning insurers that the flood insurance claims will be many and costly. The city has never before in recorded history experienced a storm like the one that struck on Monday. In its history, only Hurricane Hazel, which struck in 1954, brought…

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Flood insurance claims on their way to Canadian insurers

flood insurance policies

The flooding in southern Alberta and the Calgary area may be among the most expensive natural disasters in the province. Residents and businesses in the Canadian province of Alberta are just starting to assess the damage from what is being called one of the worst natural disasters in the history of the area, and flood insurance companies are preparing for the massive influx of claims that are now on the way. The flooding that has been experienced in the region is entirely unprecedented, leaving insurers scrambling. It has been estimated…

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