Insurance group spends more than $300,000 lobbying the federal government

The American Insurance Association spent more than $300,000 in lobbying the federal government during the second quarter of this year. Much of the lobbying effort was focused on disaster insurance and regulatory reform. The insurance organization has been pressuring legislators to pass laws that would make insurance more accessible to those in disaster prone areas. The money spent during the second quarter was not only spent to lobby the House and Senate, it also went toward lobbying efforts targeted at the Department of Treasury and Federal Reserve System. The association…

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Low flood insurance coverage worryi...
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SMARTERSAFER.ORG Urges Senate To Pass NFIP Reauthorization Before Sept. 30 Expiration

In a letter to Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell, SmarterSafer.org today urged the Senate to pass legislation to re-authorize the National Flood Insurance Program (NFIP) before it expires on Sept. 30. “While we believe the bill could be strengthened, the Banking Committee has taken a needed step to reforming the nation’s flood insurance program and Smarter Safer joins a range of stakeholder groups in applauding this legislation,”SmarterSafer.org said in a letter to the Senators. “We urge the full Senate to quickly pass this needed…

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Americans are only at the beginning of weather related expenses

J.D. Power and Associates has released the results of study that indicated that a sizeable percentage of consumers who are in weather disaster-prone regions do not have adequate home insurance coverage. The United States may be the richest country in the world, but severe weather can still threaten its people and businesses. There are two primary socio-economic issues that impact the amount of economic loss that results from this type of catastrophe. They are: value at risk and population exposure. The 2011 U.S. National Homeowners Insurance Study showed that even…

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National Flood Insurance Program coming to an end if Congress does not act by the end of the month

With flooding disasters wracking much of the Mideast and Southern U.S. more attention is being aimed at flood insurance. As more homeowners seek out the coverage they are finding that it can be quite expensive, especially for those living in places of high risk as designated by FEMA. The high cost of location-sensitive policies can put insurance coverage out of the financial reach of many. For these people, the National Flood Insurance Program can serve as a safety net between them and being uninsured. The program, however, is failing. To…

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Legal battles expected in the wake of Hurricane Irene

Adding to the troubled following Hurricane Irene, lawyers along the East Coast are expecting a number of legal battles to break out, all centered on insurance. The most prominent litigations are expected to form around property damage and how it was caused. While most property insurance policies account for damage from wind, flood coverage is an entirely separate issue. State Farm, Allstate and Liberty Mutual are expected to bear the brunt of the legal battles as they are the primary insurers in the states battered by Irene. The extent of…

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NAMIC asks congress not to end federal flood insurance program

In response to the amendment filed by Rep. Candice Miller (R-Mich) to the HR 1309 (the National Flood Insurance Program), called the Flood Insurance Reform Act of 2011, which would end the program, the National Association of Mutual Insurance Companies (NAMIC) has asked Congress not to proceed forward.   According to senior vice president of federal and political affairs Jimi Grande, of NAMIC, “Eliminating the National Flood Insurance Program is the worst policy option out there.”   He explained that while the National Flood Insurance Program (NFIP) is not perfect, it is…

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Flood insurance companies prepare for a potentially disastrous summer

The National Oceanic and Atmospheric Administration’s National Weather Service announced last week that this summer’s flooding season may be the worst on record. Both the Mississippi and Missouri Rivers are currently overrunning their banks, inundating much of their surrounding areas with water. There are also several other, smaller rivers , that are also flowing over as well. Some have served as emergency spillovers for larger rivers, but none have been able to stem the flow of the water. Much of the flooding is due to storms far to the north,…

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