Tag: national flood insurance program

Flood insurance law leads to surge in rates

S.Vagus
flood insurance rates

Flood insurance premiums set to spike due to federal law A federal law enacted in 2012 is beginning to have a significant impact on flood insurance rates in the U.S. The Biggert-Waters law was officially enacted just before the impact of Hurricane Sandy in 2012. The law requires premiums associated with policies under the National Flood Insurance Program to better reflect the risks associated with floods. This generally means an increase in premiums for the 5.6 million policies that the federal program represents. Biggert-Waters law aims to mitigate losses for…

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Flood insurance in Louisiana comes under review

Logan B.
Flood Insurance

Federal officials flock to Louisiana to examine flood insurance The National Flood Insurance Program has been a controversial topic for several years in the U.S. The federal program is typically the only place for homeowners to find the flood insurance protection they need. Those in risk-prone areas of the country have a heavy reliance on the program, which is a problematic issue in itself due to the program’s crippling financial troubles. In Louisiana, federal officials overseeing the program have begun touring the state in order to gain a better understanding…

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Homeowners band together to protest flood insurance rate hikes

Logan B.
flood insurance rates

Flood insurance rates set to soar in the US Hundreds of thousands of homeowners throughout the U.S. are bracing for the impact of higher flood insurance rates as the Federal Emergency Management Agency (FEMA) makes sweeping revisions to its flood maps and federal lawmakers seek to introduce further reforms to the National Flood Insurance Program. FEMA has been slow to revise its flood maps; so much of the concern among homeowners is related to reforms that were passed last year concerning the federal flood insurance program. These reforms are scheduled…

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Some could avoid flood insurance rate hikes in the US

S.Vagus
flood insurance rates

New measure could provide reprieve from flood insurance rate increases Hundreds of thousands of homeowners in the U.S. could be facing higher flood insurance costs due to legislation that was passed last year. Earlier this week, however, a measure was introduced to the Senate that could give homeowners as much as a one-year reprieve from higher flood insurance rates. The measure has managed to gain strong support from legislators who believe it is in the best interests of consumers, many of whom have been suffering from the financial pressures associated…

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Rising flood insurance premiums spark protests among homeowners

Marc
Flood Insurance - FEMA

Flood insurance rates prove controversial for FEMA Rising flood insurance costs may soon become a problem for the U.S. federal government. The Federal Emergency Management Agency (FEMA) has been working to revise the flood maps that determine what regions of the country can be considered “high risk” areas. According to FEMA, such areas are prone to floods that can cause significant damage to properties and are under considerable risk to falling victim to floods that are caused by storms. Revisions to FEMA’s flood maps have many implications, the most concerning…

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