Live Insurance News

FEMA to review rejected flood insurance claims

June 4, 2015June 2, 2015 S.Vagus

FEMA will be reviewing claims associated with Hurricane Sandy The Federal Emergency Management Agency (FEMA) has announced that it will begin reviewing flood insurance games that are related to Hurricane Sandy. In late October of 2012, a powerful storm struck the eastern United States, causing severe damage to properties with its strong winds. The majority of the damage caused by the storm came from flooding, however, and many homeowners found themselves in a difficult situation due to their lack of flood insurance coverage. Homeowners find that their policies do not…

Senator calls for changes to National Flood Insurance Program

May 26, 2015May 23, 2015 Logan B.

Flood insurance may need more reform in the future United States Senator Charles Schumer believes that major changes must be made to the National Flood Insurance Program. The federal program is typically the only place that homeowners can find flood protection, but this coverage is provided by private companies that work with the program. These companies have fallen under harsh criticism in recent years due to their handling of claims related to Hurricane Sandy and other disasters that have produced claims. Senator Schumer calls for changes to be made to…

New York officials seek reforms to flood insurance

May 19, 2015May 16, 2015 Logan B.

Officials want to see reforms made to the National Flood Insurance Program New York officials want to see more reform come to the U.S. National Flood Insurance Program, as well as how flood coverage is handled overall. Assemblyman Phil Goldefer and Senator Chuck Schumer are calling for significant reforms, hoping to address the crippling financial issues that have plagued those that were affected by 2012’s Hurricane Sandy. The hurricane caused significant damage to property in New York and other states. The storm left many homeowners in financial stress, as their…

Superstorm Sandy insurance settlements through FEMA get closer

March 23, 2015March 21, 2015 Julie Campbell

The Federal Emergency Management Agency is going to begin direct negotiations with homeowners. Homeowners who were victims of the catastrophe that came with Superstorm Sandy will be negotiating directly with the Federal Emergency Management Agency (FEMA) in order to be able to move ahead toward the resolution of disputes with regards to the compensation settlements. A written agreement has now been created by FEMA that establishes structures that it can apply to lawsuits. There are about 2,200 lawsuits that are still awaiting settlement with regards to the compensation that homeowners…

Senators target National Flood Insurance Program

March 5, 2015March 4, 2015 Logan B.

Flood insurance generates more controversy in the US Two Senators from New Jersey have taken issue with the National Flood Insurance Program. The program is typically the only place for homeowners to find flood protection in the United States, but the program has been beleaguered by financial problems for years. These financial issues hit a height in the wake of 2011’s Hurricane Sandy, which caused an estimated $68 billion in damage in several states along the eastern coast of the country. Senators believes that federal insurance program may be avoiding…

FEMA to seek settlements in flood insurance cases

February 25, 2015February 24, 2015 Marc

coastal flood property insurance north carolina

FEMA is working to settle several lawsuits regarding flood protection and Hurricane Sandy The Federal Emergency Management Agency (FEMA) is currently working to settle lawsuits that have been issued by victims of Hurricane Sandy. The federal agency manages the National Flood Insurance Program, which came under fire in the wake of Hurricane Sandy. Many of those affected by the disaster saw their insurance claims rejected over technicalities and potentially falsified engineering reports. There have also been complaints that claims were underpaid. These issues have prevented many people from recovering following…

States begin taking action on flood insurance

February 13, 2015February 12, 2015 S.Vagus

National Flood Insurance Program is now $20 billion in debt The U.S. National Flood Insurance Program is $20 billion in debt and the provisions of a law that would seek to resolve this issue have been delayed for four years due to concerns regarding its financial impact on consumers. While premiums for the flood insurance coverage offered by the program have been increasing, these increases have not been enough to make the program financially stable. Because this represents a serious risk for homeowners, some states are beginning to take matters…