National Flood Insurance Program on financial shaky ground

On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…

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Higher cost of flood insurance caus...
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FEMA encourages flood insurance for spring season

The high season for flooding is from February to the end of April. All depending on temperatures and predictions of record rain fall, there are many areas that are considered high risk by FEMA, the Federal Emergency Management Agency. FEMA is paying special attention to Davison County in South Dakota. On Friday, the agency released a warning: a 98% chance of minor to moderate flooding, with at least a 50% chance of major flooding. This area is home to over 20,000 people and the biggest threat is the rising waters…

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Flood map errors costing consumers thousands!

Flood map errors costing consumers thousands!

The Federal Emergency Management Agency, also known as FEMA, is in charge of mapping out areas for high risk flood zones, but are some of these maps wrong? Banks require flood insurance on homes in these flood zones and many are paying steep prices for what could be old information or even human error! These maps are used to determine insurance rates and with the wrong information premiums can go (on average) from $300 a year to $3500, depending on your area and loan requirements. With no warning you have…

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