A federal program that provides critical flood insurance is set to lapse unless renewed by the end of the month, potentially stranding new home buyers in need of coverage.
Tag: FEMA
Flood Insurance Swamps U.S. Government
The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch.
Florida, Other States Continue Fight Over Higher Flood Insurance Rates
Florida and other states are trying to fend off an attempt by the Biden administration to end a lawsuit challenging changes to the National Flood Insurance Program that have led to higher premiums for many property owners.
GAO Issues Analysis of FEMA’s Risk Rating 2.0
The U.S. Government Accountability Office (GAO) has issued a report on the Federal Emergency Management Agency (FEMA’s) National Flood Insurance Program (NFIP), examining several objectives, including the actuarial soundness of Risk Rating 2.0; how premiums are changing; efforts to address affordability for policyholders; options for addressing the debt; and implications for the private market.
Flooding Hits American Towns
The unprecedented storms in the mountains of eastern Kentucky last summer illustrated a growing and often overlooked threat that scientists say is exacerbated by climate change: severe flooding across swaths of the inland U.S.
Flood Insurance Costs Have Risen for More than Half of Policies: FEMA
Across all states and territories, the average cost of flood insurance was $888 per policy prior to Risk Rating 2.0, according to FEMA data. With Risk Rating 2.0, the average cost of insurance is projected to be $1,808.
Florida Joins Other States in Fight Over Flood Insurance Revamp
lorida has joined nine other states in a federal lawsuit challenging an overhaul of the National Flood Insurance Program, arguing the new system is flawed and will drive up premiums for many property owners.
10 States, Local Governments Sue FEMA Over Higher Flood Insurance Rates
Ten states and dozens of municipalities are suing the Biden administration over rate hikes in the National Flood Insurance Program. That program offers coverage in high-risk flood areas and is administered by FEMA.
Flood Insurance Costs in Florida Are About to Explode
Just as homeowners are realizing the increased risks of going without flood coverage, the Federal Emergency Management Agency has released data showing that coverage costs are exploding for properties in coastal areas most vulnerable to flooding.
House Oversight Panel Wants FEMA to Explain High Flood Insurance Prices
The U.S. House committee charged with investigating government fraud and corruption demanded Monday that the Federal Emergency Management Agency detail just how its new flood insurance pricing system works.