With a heavy spring flooding season at hand, Congress is again struggling to renew and modernize a national flood insurance program that is $20 billion in debt and just had $16 billion in debt forgiven. Rep. Blaine Luetkemeyer, R-St. Elizabeth, Mo., has introduced several bills to reform the program, which covers more than 5 million… Continue reading Congress Struggling to Re-Up National Flood Insurance Program
Tag: flood insurance
Insurance Rates Seen Rising in Flood-Prone Areas with Trump Plan
Flood insurance premiums could rise and property values fall in the most deluge-prone areas under a plan the Trump administration intends to roll out in coming weeks to change the way risk is calculated under the National Flood Insurance Program. Instead of simply focusing on whether a home is inside or outside of the 100-year… Continue reading Insurance Rates Seen Rising in Flood-Prone Areas with Trump Plan
Data Show Homeowners Claims for Water Damage from Inside Leaks Have Surged
More American homes are flooding from the inside. Old pipes and valves, worn-out hoses on second-story washing machines and faulty connections for a proliferation of water-using appliances are causing a surge in increasingly expensive damage reported to insurers. The increase has occurred even as many other types of claims—including fire—have declined in frequency, according to… Continue reading Data Show Homeowners Claims for Water Damage from Inside Leaks Have Surged
AmWINS Group, Inc. Completes Acquisition of The Flood Insurance Agency
AmWINS Group, Inc., a global distributor of specialty insurance products and services, is pleased to announce that it has completed the acquisition of The Flood Insurance Agency (“TFIA”), a Florida-based managing general agency that specializes in private market flood insurance. The Flood Insurance Agency, operating as a Program Administrator for Lexington Insurance Company, provides access… Continue reading AmWINS Group, Inc. Completes Acquisition of The Flood Insurance Agency
Bipartisan Senators Introduce Major Disaster Relief Package
U.S. Senators Johnny Isakson, R-Ga., David Perdue, R-Ga., Doug Jones, D-Ala., Marco Rubio, R-Fla., Rick Scott, R-Fla., Tim Scott, R-S.C., Dan Sullivan, R-Alaska, and Thom Tillis, R-N.C., introduced a bipartisan disaster relief package with the backing of President Donald J. Trump. Congress will consider the legislation with funding for areas including Georgia and other states… Continue reading Bipartisan Senators Introduce Major Disaster Relief Package
Neptune Flood and Hippo Insurance Partner to Create First Online Home and Flood Insurance Solution
Neptune Flood, a data driven flood insurance company, recently partnered with Hippo Insurance to provide the best coverage for today’s homeowners. Hippo and Neptune both offer consumers a seamless digital experience with speed, transparency and first-class service. The strategic partnership will give Hippo customers direct access to flood insurance with Neptune Flood, which will be… Continue reading Neptune Flood and Hippo Insurance Partner to Create First Online Home and Flood Insurance Solution
FEMA Chief Brock Long Resigns
President Trump’s top disaster relief official, who had come under fire for his unauthorized use of government vehicles, said Wednesday he is resigning from his post. Brock Long, the head of the Federal Emergency Management Agency, told senior staff at the agency on Tuesday that he planned to step down in two weeks for family… Continue reading FEMA Chief Brock Long Resigns
FEMA Renews NFIP Reinsurance Program at $1.32B for 2019
The U.S. Federal Emergency Management Agency (FEMA) has renewed its traditional flood reinsurance program to cover the National Flood Insurance Program (NFIP) for 2019 at the slightly smaller size of $1.32 billion. FEMA said that its 2019 NFIP flood reinsurance renewal saw 28 private reinsurers participating in the transfer of risk from the government backed… Continue reading FEMA Renews NFIP Reinsurance Program at $1.32B for 2019
2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its annual Natural Hazard Report, which addresses the recent wildfires in California and severe rainfall- and hurricane-induced flooding throughout the nation as the leading catastrophes in 2018. Much like 2017, last year was an above-average year for hurricanes, flooding, wildfires and severe… Continue reading 2018 Third Consecutive Year of Above-Average Catastrophe Activity: CoreLogic
Corporate America Tallies the Mounting Costs of Climate Change
Bank of America Corp. worries flooded homeowners will default on their mortgages. The Walt Disney Co. is concerned its theme parks will get too hot for vacationers, while AT&T Inc. fears hurricanes and wildfires may knock out its cell towers. The Coca-Cola Co. wonders if there will still be enough water to make Coke. As… Continue reading Corporate America Tallies the Mounting Costs of Climate Change