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
Tag: FEMA
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
Higher Value Homes Mean Higher Insurance Premiums under New Flood System
The Federal Emergency Management Agency on Friday unveiled the details of an overhaul to its beleaguered National Flood Insurance Program, the initiative’s first major update in 50 years. Most homeowners in the program will have lower or stable premiums, but roughly 11% of homes—largely the highest value ones—will see increases in premiums of at least… Continue reading Higher Value Homes Mean Higher Insurance Premiums under New Flood System
New York Senator Stalls Climate Overhaul of Flood Insurance Program
One of the federal government’s main efforts to push Americans to prepare for climate threats is in question after the Senate majority leader’s office objected to a plan to adjust flood insurance rates. The Federal Emergency Management Agency was preparing to announce new rates for federal flood insurance on April 1, so that the prices… Continue reading New York Senator Stalls Climate Overhaul of Flood Insurance Program
Climate Threats Could Mean Big Jumps in Flood Insurance Costs This Year
The cost of federal flood insurance will need to increase significantly in much of the country to meet the growing risks of climate change, new data suggests, creating a political headache for the Biden administration. The National Flood Insurance Program, which provides the vast majority of United States flood insurance policies, would have to quadruple… Continue reading Climate Threats Could Mean Big Jumps in Flood Insurance Costs This Year
FEMA Announces Reinsurance Program to Manage Future Flood Risk in 2021
FEMA has announced its 2021 traditional reinsurance placement for the National Flood Insurance Program (NFIP), continuing its risk management practice against catastrophic flood losses. Reinsurance is a financial risk management tool used by private insurance companies and public entities to protect themselves from large financial losses. If a qualifying catastrophic flood event occurs, reinsurance companies… Continue reading FEMA Announces Reinsurance Program to Manage Future Flood Risk in 2021
FEMA Ranks Los Angeles County As Riskiest in the Nation
The Federal Emergency Management Agency (FEMA) announced in December that it developed a new dashboard that would analyze different risk factors for different locations across the U.S. Risk factors taken into account on this software, dubbed the National Risk Index, are composed of 18 natural hazards, including avalanches, droughts, earthquakes, wildfires and other natural disasters.… Continue reading FEMA Ranks Los Angeles County As Riskiest in the Nation
Analysis Shows 6 Million More Properties At Risk for Flooding than Government Flood Maps Show
Nearly six million properties across the U.S. have a substantial risk of flooding that isn’t disclosed by federal flood maps, according to a nonprofit research firm that released its own U.S. flood maps Monday. The maps from nonprofit First Street Foundation highlight the widespread nature of flood risk. Flooding caused about $17 billion in property… Continue reading Analysis Shows 6 Million More Properties At Risk for Flooding than Government Flood Maps Show
PG&E Achieves Bankruptcy Court Confirmation of its Plan of Reorganization
PG&E Corporation and Pacific Gas and Electric Company (together “PG&E”) announced today that the United States Bankruptcy Court for the Northern District of California has confirmed the company’s Chapter 11 Plan of Reorganization (the Plan). This follows the California Public Utilities Commission’s approval of the Plan on May 28, 2020. “Today’s ruling in the Chapter… Continue reading PG&E Achieves Bankruptcy Court Confirmation of its Plan of Reorganization
FEMA Provides a 120-Day Grace Period for National Flood Insurance Program
The Federal Emergency Management Agency (FEMA) is extending the grace period to renew flood insurance policies from 30 to 120 days. This move is to provide relief to the National Flood Insurance Program (NFIP) customers who may be experiencing financial hardships during the coronavirus pandemic. The extension applies to flood insurance policies with an expiration… Continue reading FEMA Provides a 120-Day Grace Period for National Flood Insurance Program