Live Insurance News

Senator calls for changes to National Flood Insurance Program

May 26, 2015May 23, 2015 Logan B.

Flood insurance may need more reform in the future United States Senator Charles Schumer believes that major changes must be made to the National Flood Insurance Program. The federal program is typically the only place that homeowners can find flood protection, but this coverage is provided by private companies that work with the program. These companies have fallen under harsh criticism in recent years due to their handling of claims related to Hurricane Sandy and other disasters that have produced claims. Senator Schumer calls for changes to be made to…

Hurricane insurance tips offered to Texas homeowners

May 25, 2015May 23, 2015 Julie Campbell

The season for these massive tropical storm reaches its official start on June 1, so preparations should be underway. As the official summer storm season gets going on June 1, hurricane insurance tips are now being issued to homeowners in Texas in order to help them to ensure that they have the coverage that they need and that they will be properly prepared to protect themselves and their families. The Insurance Department has issued a checklist to make sure that appropriate coverage is in place. On the checklist, some of…

New York officials seek reforms to flood insurance

May 19, 2015May 16, 2015 Logan B.

Officials want to see reforms made to the National Flood Insurance Program New York officials want to see more reform come to the U.S. National Flood Insurance Program, as well as how flood coverage is handled overall. Assemblyman Phil Goldefer and Senator Chuck Schumer are calling for significant reforms, hoping to address the crippling financial issues that have plagued those that were affected by 2012’s Hurricane Sandy. The hurricane caused significant damage to property in New York and other states. The storm left many homeowners in financial stress, as their…

Homeowners insurance rates receive legislative attention in North Carolina

May 15, 2015May 14, 2015 S.Vagus

Lawmakers approve legislation that will provide consumers with more information concerning their insurance rates The North Carolina House of Representatives have unanimously approved legislation that would provide consumers in the state to receive more time when responding to proposed rate increases on their homeowners insurance policies. The legislation also received votes that will allow it to proceed to the state Senate, where lawmakers will determine whether or not to pass the legislation into law. The legislation will also provide consumers with more information from their insurance providers. Consent to rate…

Florida-run homeowners insurance provider sheds more policies

May 13, 2015May 11, 2015 S.Vagus

Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…