hurricane sandy flood insurance Archives

Flood insurance rates to spike in New York and New Jersey

June 11, 2013June 10, 2013 Logan B.

Flood insurance rates expected to rise in wake of Hurricane Sandy More than six months have passed since Hurricane Sandy barreled into New York and New Jersey. The two states suffered horrendous damage from the storm, but not from its strong winds. Floods caused the majority of the damage associated with Hurricane Sandy, which has proven to be a problematic issue for the victims of the powerful storm, especially those without flood insurance protection. The uninsured and the uninformed suffered serious losses due to the storm, with most believing their…

Flood insurance payouts trickle into New Jersey

March 19, 2013March 18, 2013 Logan B.

FEMA reports more flood insurance payout came to New Jersey over past week The Federal Emergency Management Agency (FEMA) has announced that more than $200 million in flood insurance payments have been issued to New Jersey over the past week. The payments were disbursed through the National Flood Insurance Program, through which most U.S. homeowners receive their flood insurance coverage. The recent payments bring Hurricane Sandy’s insurance payout total to $2.7 billion. Federal officials note that more payments are on the way as claims continue to be processed through the…

Flood insurance sparks anger for New Jersey Governor

February 11, 2013February 9, 2013 Dan

Flood insurance continues to be a problem issue after Hurricane Sandy In October of 2012, Hurricane Sandy made its way to the East Coast of the U.S. and left destruction in its wake. The storm caused widespread flooding throughout many of the East Coast’s major cities, with New York and New Jersey seeing most of the damage. Though the storm caused a grievous amount of damage, it also highlighted many of the problems that exist in the U.S. flood insurance sector, most of which are embodied by the National Flood…

Borrowing limit on National Flood Insurance Program raised by congress

January 7, 2013January 25, 2014 Dan

The National Association of Professional Insurance Agents (PIA) applaud the congressional action taken on January 4, 2013 to raise the borrowing limit for the NFIP, sending relief to badly damaged areas of the northeast still suffering after hurricane Sandy. A hearing on funding to help flood relief victims was scheduled for January 1, but was canceled by Speaker John Boehner (R-OH) just moments after the so-called fiscal cliff deal was approved by the House of Representatives. Lawmakers and politicians in the northeast protested, most notably Gov. Chris Christie (R-NJ) and…

National Flood Insurance Program may be ready for a bailout

November 16, 2012November 15, 2012 Dan

FEMA weighs bailout option for National Flood Insurance Program Though Hurricane Sandy has passed, the Federal Emergency Management Agency (FEMA) is still in the throes of managing the impact of the natural disaster. One of the most significant problems facing the industry in the wake of the powerful storm is the damage it has done through flooding. Floods fall squarely in the realm of the National Flood Insurance Program, a federal insurance provider that accounts for the vast majority of the country’s flood insurance policies. FEMA may be pressured to…

National Flood Insurance Program may not withstand assault from Hurricane Sandy

November 14, 2012November 13, 2012 S.Vagus

National Flood Insurance Program braces for massive impact from claims Hurricane Sandy has brought many issues to light in the U.S., especially those concerning climate change and the country’s energy grid. Amidst the turmoil the storm has caused, federal officials have begun evaluating ways to improve the country’s defenses against natural disasters. At its peak, Hurricane Sandy was a Category 2 storm, but dwindles to a Category 1 and tropical storm status by the time it reached the northeastern states. Despite the storm’s weakening presence, it still managed to produce…