Tag: Hurricane Katrina

Flood insurance extension to be approved through new spending package

G. Turner
Flood Insurance Extension - Flooding

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…

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State Farm Insurance company loses Katrina fraud verdict from Supreme Court

Logan B.
State Farm Insurance

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…

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Lawmakers seek to postpone reforms to the National Flood Insurance Program

S.Vagus
texas flood insurance insurance claims hurricane ike 2008

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…

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Flood insurance premiums to grow in the US

S.Vagus
flood insurance news

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…

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Lawmakers work to bring reform to the National Flood Insurance Program

S.Vagus
flood insurance toronto canada

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…

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