Many Americans are confused about the basics of homeowners insurance, according to a new survey from Policygenius, the nation’s leading online insurance marketplace. Even respondents who noted they have home insurance were not sure about some of the basics. Nearly half of homeowner respondents (49.4%) incorrectly reported how to calculate the coverage amount for their… Continue reading Nearly 50% of Homeowners Confused Over their Coverage
Tag: flood insurance
Coastal Flooding Could Hit 20% of World GDP by 2100: Study
Failure to rein in climate change and bolster sea defenses could jeopardize up to a fifth of the world’s economic output by the end of the century, as flooding threatens coastal countries worldwide, according to a study released on Thursday. From Bangladesh and India to Australia and even Britain, rising sea levels already are leading… Continue reading Coastal Flooding Could Hit 20% of World GDP by 2100: Study
NOAA: New Data Shows an ‘Extraordinary’ Rise in U.S. Coastal Flooding
Parts of the United States saw record levels of high-tide flooding last year as rising seas brought water further into coastal homes and infrastructure, government scientists reported Tuesday. The increase in high-tide flooding along the Atlantic and Gulf Coasts since 2000 has been “extraordinary,” the National Oceanic and Atmospheric Administration reported, with the frequency of… Continue reading NOAA: New Data Shows an ‘Extraordinary’ Rise in U.S. Coastal Flooding
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
MI Governor Orders Probe of Failed Dams that Caused Flooding
Gov. Gretchen Whitmer on Wednesday demanded an investigation to determine what caused two dams in central Michigan to fail, leading to devastating floods in several communities and forcing about 11,000 people to evacuate their homes. Whitmer ordered the Michigan Department of Environment, Great Lakes and Energy to look into the May 19 failures of the… Continue reading MI Governor Orders Probe of Failed Dams that Caused Flooding
60% of Homeowners Lack Flood Insurance in High-Risk Zones
Where disasters are concerned, 2020 is destined to go down in history as the year of the coronavirus — but that doesn’t make the threat of seasonal weather events any less urgent. As flood season approaches, ValuePenguin analyzed flood insurance coverage statistics from the National Flood Insurance Program (NFIP) to find out which cities have… Continue reading 60% of Homeowners Lack Flood Insurance in High-Risk Zones
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
Administration Pressing Cities to Evict Homeowners from Flood Zones
The federal government is giving local officials nationwide a painful choice: Agree to use eminent domain to force people out of flood-prone homes, or forfeit a shot at federal money they need to combat climate change. That choice, part of an effort by the Army Corps of Engineers to protect people from disasters, is facing… Continue reading Administration Pressing Cities to Evict Homeowners from Flood Zones
Climate Change Could Add Around $100B to Costs of Extreme Weather
Climate change could add around $100 billion, or more than 20%, to the global cost of extreme weather events such as floods, heatwaves and droughts by 2040, research from Cambridge University shows. The findings come from the university’s Climate Change Business Risk Index, which uses climate modeling data to quantify extreme weather event risks and… Continue reading Climate Change Could Add Around $100B to Costs of Extreme Weather
New Analysis of FEMA Data Demonstrates How the NFIP Subsidizes the Wealthy
Craig Poulton, chief executive officer of Poulton Associates, LLC, presented a new report on Monday on Capitol Hill providing analysis of NFIP data. It definitively shows that the country’s wealthy coastal homeowners are in fact benefiting the most from the National Flood Insurance Program – at the expense of lower income homeowners and taxpayers. Poulton… Continue reading New Analysis of FEMA Data Demonstrates How the NFIP Subsidizes the Wealthy