Tag: national flood insurance

Flood insurance policies immediately available to some wildfire victims

Marc
Flood Insurance and reinsurance

FEMA has stated that Colorado residents affected by the fires may qualify for NFIP. The Federal Emergency Management Agency (FEMA) has announced that the Colorado residents who have been impacted by the High Park and Waldo Canyon wildfire flooding may become eligible for immediate flood insurance coverage through an exception to the 30 day waiting period that is usually required. FEMA said that it made this decision following a U.S. Forest Service consultation. Last Friday, President Barack Obama signed the Biggert-Waters Flood Insurance Reform Act of 2012 into law.  This…

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National Flood Insurance Program reauthorization by White House to benefit home builders

Disability Insurance

Construction workers see a solid employment future with the signing of the bill. The National Flood Insurance Program’s (NFIP) signing by the White House has brought only good news to the National Association of Home Builders (NAHB) and its members, as they depend on that program for their jobs. The reauthorization of the program over the next five years and keep construction workers employed. The bill was signed with strong support from both Barbra Boxer, the Democratic leader, and Oklahoma Republican James Inhofe. According to President Obama, “This bill will…

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The National Flood Insurance Program will live to see another day

Disability Insurance

Congress votes to keep the NFIP, which provides 5.6 million people with coverage On Friday, Congress gave its approval to extend the National Flood Insurance Program by another 5 years, ensuring that 5.6 million people will be able to maintain their current coverage. The decision was made to help to keep the fragile housing market from additional harm. If Congress had chosen not to renew the program, the result could have been devastating to the housing market, as prospective homeowners in areas considered at risk of flooding would not be…

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FEMA pushes for renewal of National Flood Insurance Program

Flood insurance

NFIP set to expire without Congressional action The National Flood Insurance Program (NFIP) is scheduled to expire, once again, on May 31 of this year. The program is the primary source of flood insurance for homeowners throughout the country. Many private insurance companies either do not offer or have stopped offering flood insurance coverage in states where floods and heavy rainfall is common. As such, many homeowners rely on the federal program to protect them from natural disasters. Unfortunately, the program has been crippled by monumental debt, which has threatened…

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Newly mapped FEMA flood plain requires some Michigan residents to purchase coverage

Certain residents of Michigan have recently received letters from their mortgage companies, informing them that they will be required to purchase flood insurance, or that coverage will be bought on their behalf. This is the result of a newly mapped flood plain by the Federal Emergency Management Agency (FEMA) and affects the residents of the Frank and Poet Drain, who are currently in an uproar over the sudden cost. Since February 2012, when the new Flood Insurance Rate Maps (FIRMs) went into effect, there has been a much larger area…

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