Live Insurance News

Flood Insurance is a Problem in the U.S.

September 13, 2014September 12, 2014 Note From The Editor

Flood insurance remains a problematic issue that relatively few people are paying attention to in the United States. For homeowners, this type of insurance coverage comes from the federal government, issued through the National Flood Insurance Program (NFIP). This program is managed by the Federal Emergency Management Agency. NFIP is typically the only place to find flood protection, but the program is suffering from crippling debt and management issues that make it less than ideal for those wanting to be protected from natural disasters. An estimated 20% of homeowners throughout…

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…