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…
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North Dakota residents may need to purchase flood insurance as FEMA’s flood map grows to include 7,500 homes
As FEMA prepares to release its revised flood maps the agency is issuing information to states that may be affected by the changes. North Dakota has recently received such information, which may have more people clamoring for insurance coverage when the flood map is released. FEMA’s flood maps are important to both home owners and insurance companies in order to determine the necessity and value of flood insurance. With major storms causing widespread flood damage, FEMA has been keen to make changes that are meant to help people protect their…
Read MoreHow will the National Flood Insurance Program avoid a watery grave?
As of September 30, 2011, the National Flood Insurance Program (NFIP) is due to expire for the tenth time in a period of 24 months. The NFIP is designed to provide homeowners and business owners with affordable flood insurance, and it does so within 21,000 communities across the country for over 5.6 million homes and businesses. Cleveland Area Board of Realtors co-director, Barbara Lachowicz, explained that the program is vital to a housing market that is capable of functioning properly. She went on to say that “Americans deserve access to…
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 MoreFew homes covered by flood damage from hurricane
Hurricane Irene has homeowners scrambling to review their insurance policies to take a closer look at their coverage, but all too many are discovering that they are not protected from the damage that results from flooding during this type of storm. This is the painful reality that thousands of people are facing as they clean up their flooded basements and work to repair other damage relating to flooding. Coverage for water damage is dependent on the source of the flooding. The typical homeowners policy will cover water and structural damage…
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