Flood insurance rate hike delay voted through by Senate

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 proves elusive among US homeowners

hurricane sandy flood insurance news

Survey shows flood insurance is relatively unpopular A new survey from Consumer Reports highlights the lack of flood insurance coverage among many U.S. homeowners. Floods are one of the most common and financially disastrous catastrophes in the country, but many people opt not to cover their homes and other properties because of the concept that they are immune to such disasters. The survey found that one out of three homes damaged by floods during 2012’s Hurricane Sandy were not protected by flood insurance coverage of any kind. Conventional homeowners insurance…

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Flood insurance rate increases anger homeowners

Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…

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Homeowners insurance customers in Alberta applaud sewer backup coverage

Homeowners flood Insurance

Some insurers have had a change of heart and are now covering the damage that they previously had refused. Some homeowners customers finally have a reason to feel good after having suffered from massive flooding in Alberta, Canada, as certain insurers have had a change of heart and are now saying that they will cover damage resulting from backed up sewers. Previously, insurers had stated that they would not provide this coverage as it was not a part of the policies. Claims had even been denied when homeowners insurance customers…

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Flood insurance program changes could increase rates

Flood Insurance

The national program will be facing some alterations and this could impact the amount paid for coverage. As today is the official start of the hurricane season and homeowners are being cautioned that there are some changes that are on the way for the National Flood Insurance program (NFIP) because it could impact the rates that they are paying. This is especially true in areas of considerably higher risk, such as in the South of Florida. The flood insurance claims that came swamping in following Superstorm Sandy made FEMA have…

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