Flood Insurance Program Nearly Underwater and Drowning In Red Ink

Flood Insurance Program Nearly Underwater and Drowning In Red Ink

Flood insurance in America is under scrutiny, and most of the effort is aimed at dealing with what the federal government calls the “severe repetitive loss property.” Those are homes which have cost taxpayers cumulative payouts which exceeding what those structures are actually worth – and often by many thousands of dollars. It’s thought that across the nation there are more than 11,000 properties – mostly in coastal or low-lying areas – which are under…

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Be Insurance Ready for Insane Spring Weather

Be Insurance Ready for Insane Spring Weather

A recent study found that less than 22 percent of homeowners view changing weather events or disaster preparedness as factors when they update their homeowner’s insurance policy. The study from the National Association of Insurance Commissioners (NAIC) found that, with disaster-level events on the rise, that more than 800 emergency or disaster declarations were made in the United States from 2005-20152. Those events resulted in an average of $24 billion in annual insured losses. The…

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Is Prеѕidеnt Trump Planning Radical Flood Mар Program Chаngеѕ?

Is Prеѕidеnt Trump Planning Radical Flood Mар Program Chаngеѕ?

Among other cost-cutting proposals, Prеѕidеnt Dоnаld Trump’s first рrороѕеd budgеt inсludеѕ a mеаѕurе aimed at ѕсrарping аll funding fоr thе FEMA Flood Insurance Flооd Hаzаrd Mapping Prоgrаm. As рrорosed, the Trumр аdminiѕtrаtiоn plans to сut $190 million in funding fоr uрdаting U.S. maps for flооd-рrоnе аrеаѕ, and some experts are saying that move wоuld triggеr higher inѕurаnсе rаtеѕ or actually encourage hоmеbuilding in riѕkу lосаtiоnѕ. J. Robert Huntеr, the dirесtоr of inѕurаnсе fоr thе Cоnѕumеr Fеdеrаtiоn…

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Congress At War Over National Flood Insurance Program

Congress At War Over National Flood Insurance Program

Congress Set to Battle Over National Flood Insurance Program The Great Midwest Flood of 1993 was a horrific event.  It ranks as one of the most devastating flood disasters in U.S. history. The flooding started during May 1993 and dragged on until September. In some of the worst-hit areas, the floodwaters took until October to recede and more than a thousand levees failed when waters exceeded worst-case design specs. In parts of Missouri flood waters…

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Will Your Insurance Cover You From Damage By Falling Ice

Will Your Insurance Cover You From Damage By Falling Ice

By: Todd Halterman It’s been an odd winter, and it’s nearly done as ice melt begins to slowly drip down and create a variety of problems. The warmer temperatures mean some very large icicles can break at any moment. When that happens, you might be struck by falling ice and your vehicles could be damaged. In years past, New York city and Chicago were forced to close streets in anticipation of the danger to pedestrians from falling ice. As it…

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Hurricane and flood insurance: A hot topic

Hurricane and flood insurance: A hot topic

According to this week’s press release from the Insurance Information Institute, the III has really made flood insurance a hot topic at the conference to discuss the disasters that occur during floods. Hurricane Katrina cost more than 41 billion alone.

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