When Hurricane Sandy hit in 2012, Thalia Panton watched in disbelief as floodwaters careened down her quiet, tree-lined street in Canarsie, Brooklyn. Sparks flew from downed electrical lines as the rapids rose past her thighs. The water receded as quickly as it appeared. But the damage was done. When the skies cleared, Panton was left… Continue reading Viewpoint: Climate Change and Soaring Flood Insurance Premiums Could Trigger Another Mortgage Crisis
Tag: FEMA
R Street Institute Study Calls for A Stop in Development in Flood-Prone Regions
The threat of sea-level rise should force policymakers to rethink policies that encourage development in flood-prone regions, like the National Flood Insurance Program (NFIP). In a new policy study, R Street Director of Finance, Insurance and Trade R.J. Lehmann makes the case that the NFIP should cease writing coverage for new construction in 100-year floodplains… Continue reading R Street Institute Study Calls for A Stop in Development in Flood-Prone Regions
FEMA Reassures California Wildfire Survivors
The Federal Emergency Management Agency (FEMA) is assuring survivors of recent Northern California fires that financial assistance they received will not be taken back as part of the Pacific Gas and Electric Co. bankruptcy settlement negotiations. FEMA Region 9 Administrator Robert Fenton wrote an open letter addressed to wildfire victims that said FEMA and the… Continue reading FEMA Reassures California Wildfire Survivors
FEMA Secures $1.33B NFIP Flood Reinsurance Renewal for 2020
The U.S. Federal Emergency Management Agency (FEMA) has now completed its traditional flood reinsurance program renewal, securing $1.33 billion of limit to cover the National Flood Insurance Program (NFIP) for 2020. That’s just slightly more than FEMA’s 2019 traditional reinsurance program renewal for the NFIP, which was $1.32 billion in size. As we reported previously,… Continue reading FEMA Secures $1.33B NFIP Flood Reinsurance Renewal for 2020
FEMA Delays Major Changes to Flood Risk Rating Program Until 2021
Major changes to the way the federal government rates flood risk are being pushed back a year. The Federal Emergency Management Agency delayed the release of its “Risk Rating 2.0” plan, which would rate homes’ flood risk more precisely than current models. It will now go into effect in October 2021. “Some additional time is… Continue reading FEMA Delays Major Changes to Flood Risk Rating Program Until 2021
Chubb Appoints Industry Veteran to Lead Flood Insurance Practice
Chubb announced that Louis Hobson has joined the company as Senior Vice President of Flood Insurance for its North America operations. In this new role, Mr. Hobson will work in conjunction with Chubb’s personal and commercial lines of business, and lead efforts centered on the development and implementation of strategies to further broaden the delivery… Continue reading Chubb Appoints Industry Veteran to Lead Flood Insurance Practice
Report: FEMA Post-Flood Home Buyouts Take 5+ Years To Complete After Waters Recede
In the aftermath of Hurricane Dorian churning up the eastern seaboard, leaving destructive flood waters in its wake, a new national report describes FEMA policies creating a nightmare for disaster survivors deciding what to do with destroyed or damaged homes. For those who want to move out of a flood zone, the wait time for… Continue reading Report: FEMA Post-Flood Home Buyouts Take 5+ Years To Complete After Waters Recede
R Street Institute: Dorian Is Urgent Reminder of Need for Flood Insurance Reform
As the U.S. Southeast braces for the impact of Hurricane Dorian, it is urgent that Congress get serious about reforming the National Flood Insurance Program (NFIP), according to the R Street Institute. Created by Congress in 1968, the NFIP has been the primary source of insurance coverage for flooding over the past 50 years. While… Continue reading R Street Institute: Dorian Is Urgent Reminder of Need for Flood Insurance Reform
Hurricane Dorian Forecast to Hit Florida Over Labor Day with 110 Mph Winds
As chances increased for a direct hit from a Category 3 Hurricane Dorian over Labor Day weekend in Florida counties Volusia and Flagle, local residents, government officials and would-be vacationers began a mad scramble Wednesday. Many residents immediately began heeding warnings to stock up, emptying store shelves of batteries and water bottles. Local cities began… Continue reading Hurricane Dorian Forecast to Hit Florida Over Labor Day with 110 Mph Winds
FEMA to Further Restrict Puerto Rico’s Access to Relief Funds
Federal mistrust toward Puerto Rico amid corruption allegations hasn’t let up with the governor’s resignation. Citing the continuing leadership changes in the U.S. territory, the Federal Emergency Management Agency said Thursday it would further restrict Puerto Rico’s access to federal dollars for repairing hurricane damage. Puerto Rico must receive approval from the agency to draw… Continue reading FEMA to Further Restrict Puerto Rico’s Access to Relief Funds