Live Insurance News

Mississippi Supreme Court Upholds $15M Award in USAA Hurricane Katrina Case

March 4, 2025March 4, 2025 Marc

Just recently, the Mississippi Supreme Court has upheld a landmark $15 million award against United Services Automobile Association (USAA) for acting in bad faith when handling a Hurricane Katrina insurance claim. The decision brings closure to a nearly two-decade-long legal battle spearheaded by the estate of Paul and Sylvia Minor, a couple who lost their iconic Ocean Springs home in the devastating 2005 storm. A Historic Home and a Long Legal Battle The Minors’ home wasn’t just a personal residence; it was a piece of architectural history. Designed in the…

Flood insurance extension to be approved through new spending package

March 27, 2018March 26, 2018 G. Turner

The good news, however, may only extend until July when a new deadline may approach once more. A new flood insurance extension will take the pressure off the program for another four months. The $1.3 trillion federal spending deal will give the National Flood Insurance Program (NFIP) another reprieve. This is the fourth temporary extension the NFIP has experienced since September 2017. Washington lawmakers have now given themselves until July to either create another flood insurance extension or overhaul the NFIP. The alternative would be to allow the country’s flood…

State Farm Insurance company loses Katrina fraud verdict from Supreme Court

December 9, 2016December 8, 2016 Logan B.

Two whistleblowers have had their victory upheld by the top court in the United States. This week, the Supreme Court upheld a ruling against State Farm Insurance firm. The insurer has been found guilty of defrauding the U.S. government following Hurricane Katrina. The top court upheld a jury verdict that said the insurance company fraudulently assessed damage from the 2005 storm. The Supreme Court’s ruling was a unanimous 8-0 to uphold the verdict from the lower court. The State Farm insurance company challenged the decision of a lower court. That…

Lawmakers seek to postpone reforms to the National Flood Insurance Program

April 11, 2016April 10, 2016 S.Vagus

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Congressmen aim to halt needed reforms in order to limit the growth of premiums Federal lawmakers are looking to make changes to the National Flood Insurance Program (NFIP), but some are pushing to postpone much needed reforms. Representatives David Jolly and Gus Bilirakis have introduced a new measure that seeks to put reforms for the federal program on hold. NFIP is currently $23 billion in debt, with no practical way to repay this money. Congress has been working to resolve the program’s financial issues for some time, but proposed reforms…

Flood insurance premiums to grow in the US

April 8, 2016April 6, 2016 S.Vagus

Homeowners will face higher flood premiums as of April 1 Flood insurance premiums in the United States are set to spike on April 1. Those with coverage through the National Flood Insurance Program (NFIP) will see higher rates as the program continues to recover from its massive $24 billion debt. Much of the debt came in the wake of Hurricane Katrina and Hurricane Sandy. These two disasters caused significant financial damage, which NFIP has been unable to recover from despite action taken by Congress. Consumers believe higher rates may be…

Lawmakers work to bring reform to the National Flood Insurance Program

March 21, 2016March 20, 2016 S.Vagus

Lawmakers are fighting to change and improve NFIP Federal lawmakers are again attempting to introduce reforms to the country’s troubled National Flood Insurance Program (NFIP). Earlier this month, the House Financial Services Committee granted approval for the Flood Insurance Market Parity and Modernization Act. The legislation has won support from several lawmakers and is designed to mitigate the cost of flood protection. The legislation will also ensure that those seeking a mortgage for their property are treated the same when purchasing flood policies from the private market as they are…

Disasters place more attention on the National Flood Insurance Program

January 22, 2016January 20, 2016 Marc

Severe flooding has placed more focus on the federal flood insurance program Devastating floods in Missouri and Texas have highlighted, yet again, the problems that exist with the National Flood Insurance Program. In December, floods throughout the Midwest and Southwest caused several millions of dollars in property damage, as well as claiming more than 40 lives. The damage caused by these disasters has added to the financial strain that the National Flood Insurance Program is facing. The federal program is currently $23 billion in debt, with lawmakers failing to resolve…