Live Insurance News

Flood insurance coverage fails Detroit homeowners

August 20, 2014August 18, 2014 G. Turner

Many metro Detroit homeowners will not receive compensation for damage caused by flooding. The aftermath of last week’s flooding in metro Detroit, most of which was the cause of sewer backups, has left a number of homeowners in the area with flooded basements and, much to the dismay of many of these residents, they learned that most flood insurance does not cover damaged objects, such as furniture, fridges, computers, and televisions. Some structures in the basement are covered and some are not. According to FEMA guidelines, ordinary federally supported flood…

National Flood Insurance Program falls under federal scrutiny yet again

August 1, 2014July 31, 2014 S.Vagus

Federal insurance program could be more harm than help to homeowners The National Flood Insurance Program in the U.S. has come under fire once again. Senator Bob Menendez has said that the federal program is “stacked against homeowners” that attempt to file claims in the wake of major natural disasters. Following 2012’s Hurricane Sandy, many homeowners in New York and New Jersey were left without financial aid because of the faults of the federal insurance program. Some of these homeowners had flood protection, but had to wait for months before…

Flood Insurance and Catastrophe

July 26, 2014July 25, 2014 Note From The Editor

Flood insurance is not something that many homeowners have, but they don’t necessarily know that they don’t have it. This is because flood protection is not a part of a conventional homeowners insurance policy. Most homeowners have to have insurance protection due to the provisions of their mortgage, but few people take the time to understand their policy and what protections it offers. As such, many people are often left at the mercy of natural disasters. In the United States, flood insurance is within the jurisdiction of the federal government.…

Homeowners granted extension to file flood insurance claims

July 9, 2014July 8, 2014 Nordstrom

Federal program extends the claims deadline for homeowners affected by recent powerful storms Recent storms in the U.S. have caused quite a bit of flooding in some parts of the country. For homeowners, this has been a headache, as these floods have resulted in property damage. Assessing this damage can be a time consuming process, so the National Flood Insurance Program has extended the deadline for those wishing to file claims for the damage caused by severe stores in late April and Early May. Extension allows homeowners more time to…

Don’t Forget About Flood Insurance

July 5, 2014July 4, 2014 Note From The Editor

coastal flood property insurance north carolina

The Atlantic hurricane season has arrived and that means people may need to consider ways to protect themselves. This year’s hurricane season has already been somewhat active, but no devastating storms have yet struck the U.S. This does not mean that the country is safe from such disasters, only that one hasn’t showed up yet. It is impossible to tell when or where a powerful hurricane will form, so it may be a good idea to get a better understanding of flood insurance. One of the defining aspects of hurricanes…

FEMA repeals provisions of controversial flood insurance law

May 16, 2014May 16, 2014 Marc

Problematic provision has been rescinded by FEMA The U.S. Federal Emergency Management Agency has rescinded a provision of the 2012 Biggert Waters Act as ordered by the Homeowner Flood Insurance Affordability Act. The provision had made it impossible for new homeowners to take on any existing flood insurance of properties. Now that the provision has been repealed, policy rate tables have been reverted to what they had been before the 2012 Biggert Waters Act. Rate tables are expected to remain in this state as Congress works to address emerging issues…

Homeowners take issue with flood insurance and lack of paid claims

March 19, 2014March 19, 2014 Nordstrom

Victims of Hurricane Sandy continue to fight for monetary compensation Some 16 months after Hurricane Sandy slammed into the East Coast of the U.S., homeowners are still working to recover from the disaster. The powerful storm caused an estimated $68 billion in damage, most of which came from floods that were triggered by the storm. In New Jersey and New York, homeowners quickly learned that the damage caused to their properties was not covered by their insurance policies because private insurers in the U.S. do not offer flood protection. Instead,…