Live Insurance News

Flood insurance is not being renewed by businesses with increased exposure

February 7, 2013April 30, 2013

Massive premiums increases are making coverage cost prohibitive for many owners in high risk areas. Following massive flooding in Queensland, Australia, many businesses are starting to drop their flood insurance and even their property coverage at a rate that is faster than the rest of the country. This, according to a national survey that studied the rates of dropped coverage. The plummeting flood insurance and property coverage levels have been blamed on the challenges faced in certain sectors of the economy, in combination with the rapidly rising premiums following a…

Flood insurance to be mandatory for thousands of Connecticut residents

December 27, 2012December 27, 2012 Dan

Connecticut homeowners face new flood insurance requirements Thousands of Connecticut residents are expected to feel the weight of mandatory flood insurance coverage in the coming months. The Federal Emergency Management Agency (FEMA) is currently drafting new flood maps for the entire U.S. coastline. This is part of an ongoing effort to understand and mitigate the risks associated with rising sea levels. New flood maps change the risks some properties face in regards to floods. According to FEMA, homes in high risk areas are required to be covered by flood insurance…

Flood insurance applications soar on Sandy’s heels

December 18, 2012December 18, 2012 Julie Campbell

Following the superstorm, many homeowners have been inquiring about coverage against flooding. As the claims following Superstorm Sandy continue to be managed, insurers are finding that they are being contacted by consumers for an entirely different reason, which is to learn more about flood insurance and to add the protection to their homes. The reality of the risk involved in a potential storm such as Sandy has now become more than clear. Agents and brokers alike are reporting that flood insurance is one of the top reasons that they are…