The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) in the United States is eager to continue collaborating with the private sector to help close the country’s flood protection gap, and it has asked its reinsurance partners to encourage clients to investigate flood risk. “We want to continue to work with the private… Continue reading NFIP Sees Reinsurance Partnerships as Mutually Beneficial
Tag: FEMA
FEMA Requests Comments on Improving Flood Insurance Program
The Federal Emergency Management Agency (FEMA) is seeking input on how to change flood insurance, a powerful program that both sets standards for resilience in building across the country and encourages repeated construction in vulnerable areas. FEMA’s open call for public comments will be open until Jan. 27, and participants will be able to write… Continue reading FEMA Requests Comments on Improving Flood Insurance Program
Flood Insurance Costs Rise in Areas Once Deemed Lower Risk
In the last year, the southwestern Louisiana city of Lake Charles has been hit by two hurricanes, heavy rains that sent water gushing down streets, and a deep freeze that caused pipes to burst. However, because the cost of his flood insurance is rising, Tommy Eastman may eventually drop coverage on his four-bedroom home, which… Continue reading Flood Insurance Costs Rise in Areas Once Deemed Lower Risk
Flood Insurance Costs Set to Rise as FEMA’s New Rates Kick In
The federal government Friday rolled out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland communities alike. The Federal Emergency Management Agency in April announced the first significant update to the beleaguered National Flood Insurance Program, which covers… Continue reading Flood Insurance Costs Set to Rise as FEMA’s New Rates Kick In
New National Flood Insurance Policy Rating System Begins Today
Chris Dailey and his wife are building a new home in coastal St. Petersburg, Fla., that will sit 7 feet above the flood level expected during a major storm. So he was stunned to learn that under the federal flood insurance program’s revamped pricing, his annual premium is slated to soar to $4,986 from $441.… Continue reading New National Flood Insurance Policy Rating System Begins Today
Data Shows FEMA’s New Flood Insurance Methodology Could Cause Rate Drop for 1.2M Policyholders
The Federal Emergency Management Agency (FEMA) is releasing its new risk rating methodology that will create new pricing for National Flood Insurance Program (NFIP) policies beginning Oct. 1, 2021. The NFIP is managed by FEMA and used by homeowners, business owners and renters to purchase federally backed flood insurance in risk areas. FEMA explained that… Continue reading Data Shows FEMA’s New Flood Insurance Methodology Could Cause Rate Drop for 1.2M Policyholders
FEMA’s New Director Prepares Agency for a Hot, Chaotic Future
Deanne Criswell, the first woman to lead the Federal Emergency Management Agency, in April took over a 20,000-person operation exhausted by managing responses to disasters linked to global warming: wildfires and the 2020 hurricane season, the most active on record. As if that weren’t enough, President Joe Biden asked FEMA to create and staff sites… Continue reading FEMA’s New Director Prepares Agency for a Hot, Chaotic Future
FEMA Overhauls the NFIP, Accounts for Climate Change
Climate change and its devastating impact are accelerating faster than ever, according to a new report from the United Nations’ Intergovernmental Panel on Climate Change. Hurricanes are becoming stronger, rainfall heavier and flood risk higher. Yet, America’s National Flood Insurance Program hasn’t changed at all since its inception. But it is about to. Under the… Continue reading FEMA Overhauls the NFIP, Accounts for Climate Change
NFIP Leaves Out Communities of Color, Lower-Income Americans, Report Finds
Less than 10% of the flood risk to single-family homes in America is actually insured by the national program designed to offer such protection, with communities of color and lower-income areas disproportionately less likely to be covered. That analysis, described as “a toxin sitting in the residential real estate market that will only worsen with… Continue reading NFIP Leaves Out Communities of Color, Lower-Income Americans, Report Finds
Biden Doubles FEMA Program to Prepare for Extreme Weather
The Biden administration said it would spend $1 billion to help communities prepare for worsening disasters, the latest sign of the toll that climate change is already taking across the United States. The change will double the current size of a Federal Emergency Management Agency program that gives money to state and local governments to… Continue reading Biden Doubles FEMA Program to Prepare for Extreme Weather