Many victims of the massive storms now battering Southern California about are to be hit with another heartbreak – discovering their insurance won’t cover the damage.
Tag: flood insurance
Los Angeles Hit by Mudslides, Flooding as Atmospheric River Persists
A turbocharged atmospheric river continued to lash Los Angeles early Tuesday, where officials warned further rainfall on already saturated ground would trigger more dangerous mudslides and flash flooding.
FEMA Transfers $619.5M in 2024 Flood Risk to Reinsurers
The Federal Emergency Management Agency will pay $121.1 million to transfer $619.5 million of flood risk to the private reinsurance market, FEMA said in a statement.
New Study: People Are Leaving Some Neighborhoods Due to Floods
Hundreds of thousands of neighborhoods in the United States are seeing population decline as a result of flooding, new research suggests. Those neighborhoods are often located in areas that are growing in population overall, including parts of Florida, Texas and the region around Washington, D.C.
NFIP Extended through Feb. 2 in Government Funding Bill
President Joe Biden signed a spending measure keeping the federal government open for business, including the National Flood Insurance Program.
Private Insurers Have an Increased Appetite for Flood Insurance
While FEMA and its NFIP continue to face obstacles with the rollout of the new rating system, private insurers have found an opening to expand their footprint in the flood insurance market.
Dramatic Plan to Expand Flood Areas Could Force Millions to Buy Insurance
Aproposal by a federal advisory panel urges the government to expand the areas considered by regulators to be at high risk of flooding, according to a report by the panel that was provided to E&E News.
Impact of U.S. Government Shutdown on Insurance Industry Will Depend on Duration
A U.S. government shutdown, which would have an immediate impact on the economy, also could directly affect insurers, though the severity would largely hinge on the length of time before Congress reaches a budget agreement, according to a new AM Best commentary.
Flood Insurance Program Faces a Backlash—and a Deadline
A federal program that provides critical flood insurance is set to lapse unless renewed by the end of the month, potentially stranding new home buyers in need of coverage.
Flood Insurance Swamps U.S. Government
The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch.