In Washington D.C., Congress has given the nod to an extension of the National Flood Insurance Program (NFIP), to maintain it until November 18, 2011, after having failed to pass a reforming bill for the program. It is hoped that this extension will provide enough time for a reported deal to close, which is supported by both parties. What this means to homeowners in any of the 20,000 communities that take part in the NFIP, is that if you will be purchasing a home or if you are attempting to…
Read MoreTag: houston flood insurance
Senate passes bill to prolong the National Flood Insurance Program for a short period while trying to resolve issues
Recent storm bringing widespread flood damage have brought the issue of flood insurance into the limelight. Despite it being required in some areas prone to flooding, flood insurance is rare throughout the country. Many insurance companies do not offer such coverage because the potential for loss. Those that do offer the coverage do so at a high price, making it, in some cases, unaffordable for homeowners. Complicating matters is the ailing National Flood Insurance Program, which is meant to provide consumers with affordable access to flood insurance. The program is…
Read MoreNational Flood Insurance Program takes yet another financial blow in the form of Hurricane Irene
The damage wrought by Hurricane Irene may be more than original estimated. Though the storm was not quite as powerful as has been predicted, it brought major floods to much of the East Coast. Given the scarcity of flood insurance amongst homeowners, many sought refuge from the National Flood Insurance Program (NFIP). The program has been on unsure financial footing for several months, however, being billions of dollars in debt. The program is meant to offer insurance coverage to homeowners that cannot receive such coverage through private insurance companies, yet…
Read MoreU.S natural disasters: How the insurance industry is faring and what consumers need to know about the future.
As Hurricane Irene barrels down on the East Coast, Chris Hackett, Director of Personal Lines Policies for The Property Casualty Insurers Association of America (PCI), has quite a few things to say concerning insurance and how people will be affected by the storm. We were able to ask Mr. Hackett about current, past and even future potential natural disaster events that we all should prepare for. Here is what he had to say: Live Insurance News – With hurricane Irene beating down on the Carolinas, and maybe even New York,…
Read MoreFEMA warns of flooding and last minute insurance may be too late
Hurricane season has arrived and there have already been reports of a hurricane raging in the Pacific. Early Friday, the National Hurricane Center announced that tropical storm Adrian had graduated to a full-fledged hurricane and was heading toward land. It is expected to reach the coasts of Mexico within the next day. On the other side of the country, in the Gulf Coast, concerns are rising as to what disasters this season could bring. Along the Mississippi River, the danger of flooding due to storms is all too real. Storms…
Read MoreHurricane season quickly moves in while many still pick up the pieces from the last storm
The National Oceanic and Atmospheric Administration is predicting a tumultuous hurricane season this year. The forecast, released Thursday, predicts that as many as six major hurricanes could form over the Atlantic Ocean this season. This is unsettling news for many states in the south currently struggling with national disasters of their own. Insurance companies are bracing for yet more damages. Last year’s hurricane season was relatively tame. Winds kept most tropical storms at sea and prohibited them from forming into hurricanes. “However, we can’t count on luck to get us…
Read MoreUninsured schools lie in direct path of flooding
Louisiana’a Morganza Spillway was opened early last week by the U.S. Army Corps of Engineers in an effort to relieve pressure from the swelling Mississippi River. Waters coming through the spillway are expected to cause damage to crops along their way to the Atchafalaya River. However, the amount of water pouring is causing the river to overrun its banks, putting a number of schools in the area at risk of flood damage. Many of the schools are not covered by any form of flood insurance. Risk manager for the Terrebone…
Read More