Tag: us flood insurance

Flood insurance premiums to spike for homeowners due to new legislation

S.Vagus
Flood Insurance and reinsurance

Senate debating legislation that would raise flood insurance rates through NFIP Those living in areas of the U.S. that are prone to floods may soon see a spike in their insurance premiums due to a new legislation currently being debated in the U.S. Senate. The legislations concerns the beleaguered National Flood Insurance Program (NFIP). For years, the program has been a source of affordable insurance coverage for homeowners in risk-prone areas of the country. This affordability has come at a cost for the program itself, however, which has taken the…

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NFIP Reform Bill Vote Expected After Farm Bill

Guest Author
Florida Insurance News - Citizens insurance

WASHINGTON – With the United States Senate now expected to address NFIP reform after the upcoming vote on the Farm Bill, SmarterSafer.org today urged the U.S. Senate to  pass long-term reform of the National Flood Insurance Program (NFIP) this week after  years of temporary extensions to the program. “For five years, Congress has passed temporary extensions of the NFIP, delaying  much-needed reforms that would better protect lives and property and save taxpayers billions of dollars,” said SmarterSafer.org. “A long-term extension would provide much-needed certainty to the recovering economy by protecting homeowners…

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Flood insurance program wins short-term extension

S.Vagus
Flood insurance

Lawmakers take action on NFIP ahead of hurricane season Federal legislators have taken action on the troubled National Flood Insurance Program (NFIP) this week, voting for a short-term extension for the program. NFIP has been plagued with financial woes for several years, after Hurricane Katrina dealt a destructive blow against the U.S. in 2005. The program accounts for the majority of flood insurance policies in the country and is often considered the best place for homeowners to find affordable coverage. Because of this, the program has acquired a massive number…

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SmarterSafer.org Statement Praises Senate Agreement to Vote on Long-Term Flood Reform

Guest Author
Flood Insurance Reform

WASHINGTON ‒ SmarterSafer.org today released a statement praising the U.S. Senate for agreeing to vote on a long-term extension of the National Flood Insurance Program (NFIP) after passing a 60-day extension of the NFIP. “We are pleased that the U.S. Senate has agreed to finally consider long-term reform of the National Flood Insurance Program (NFIP) after they voted for a 60-day extension of the troubled program.  Flood reform not only shares wide bipartisan support in both the Senate and the House, it is the stated policy of the Administration. “We…

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Federal lawmakers expected to take action on flood insurance program this week

S.Vagus
flood Insurance payments time

Expiration date for the National Flood Insurance Program looms The National Flood Insurance Program (NFIP) is roughly nine days away from expirations (May 31, 2012), and federal lawmakers have yet to take any definitive action on the beleaguered insurance program. Federal legislators have long relied on several short-term extensions for the program, many of which extended the life span of the program for three-to-six months. Though lawmakers have not acted, they are not lacking options concerning the insurance program. Last year, the federal House of Representatives approved a plan to…

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