Live Insurance News

Flood insurance returns to the limelight in the US

October 12, 2015October 11, 2015 S.Vagus

Storms draw more attention to flood protection Recent storms in the United States have, again, brought flood insurance into the limelight. In South Carolina, many homeowners and businesses are reeling from the impact of Hurricane Joaquin, which has lead to loss of life and major property damage in the state. Almost three years ago, Hurricane Sandy hit the country as well, causing major damage in New York and New Jersey and becoming one of the most disastrous natural catastrophes that the country had ever seen. Both of these powerful storms…

Private flood insurance market may be emerging in the US

July 28, 2015July 24, 2015 Logan B.

Call for a private insurance market for those seeking flood protection has been issued Homeowners in the United States may soon have an alternative to the National Flood Insurance Program. For many years, the federal program has been the only place where homeowners could find flood protection. The problem, however, is that the program has been crippled by serious financial problems that have prevented it from performing its duties effectively. The program has also been embroiled in legal issues concerning the way it has handled insurance claims associated with 2012’s…

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…