Gov. Andy Beshear said fifteen people were killed after flash floods in eastern Kentucky knocked out power and destroyed homes. A flood warning was in effect in the area until after midnight, according to the National Weather Service. Heavy rain and the risk of flash flooding would continue through Friday, according to the National Weather… Continue reading Flooding in Eastern Kentury Claims 15 Lives, Destroys Homes
Tag: flood insurance
More than $1 Million in Assistance Has Been Disbursed Due to June Flooding: FEMA
The Federal Emergency Management Administration (FEMA) announced that more than $1.2 million has been disbursed to people affected by June flooding. The federal agency announced in a release that as of July 18, more than $1.15 million has been released for the Housing Assistance program, and more than $62,000 from the Other Needs Assistance program.… Continue reading More than $1 Million in Assistance Has Been Disbursed Due to June Flooding: FEMA
FEMA Report: Flood Insurance Hikes Will Drive 1M from Market
When pressed by members of Congress, the Federal Emergency Management Agency (FEMA) stated that its new update to the nation’s flood insurance program will encourage more people to sign up for coverage, despite the fact that many will pay more for it. However, according to a FEMA report obtained by The Associated Press under the… Continue reading FEMA Report: Flood Insurance Hikes Will Drive 1M from Market
NY Law Would Require Landlord Disclosures of Flooding History
Raisa Brown spent one night last September wondering how much the water would rise up to her platform bed. Brown, 32, and her fiancé — with their 3-year-old son in tow — considered using a mop and Swiffer to row away. The remnants of Hurricane Ida flooded Brown’s first-floor home in Mamaroneck, with flood water… Continue reading NY Law Would Require Landlord Disclosures of Flooding History
FEMA Urges Congress to Stop Writing Flood Insurance for Highest-Risk Areas
The Senate Banking Committee will examine the federal government’s flood insurance program as officials seek congressional approval to do something unprecedented: drop coverage for frequently flooding properties and deny coverage for homes in the most flood-prone areas. The proposal is part of the Federal Emergency Management Agency’s plan to overhaul the National Flood Insurance Program,… Continue reading FEMA Urges Congress to Stop Writing Flood Insurance for Highest-Risk Areas
Cloud to Street’s Groundbreaking Flood Mapping Technology Enables the World’s First At-Scale Parametric Flood Insurance Product
Cloud to Street (C2S), a climate adaptation technology company that provides precise, near real-time intelligence on flooding and flood risk, today announced its partnership with parametric insurance platform Raincoat and Munich Re Group to roll out the world’s first at-scale parametric flood insurance program. This is the first country-level flood parametric program with local payouts… Continue reading Cloud to Street’s Groundbreaking Flood Mapping Technology Enables the World’s First At-Scale Parametric Flood Insurance Product
FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
On this first day of the Atlantic hurricane season, federal officials are launching a new initiative to modernize building codes so that communities can be more resilient to hurricanes, flooding, wildfires, and other extreme weather events that are intensifying due to climate change. Deanne Criswell, the administrator for the Federal Emergency Management Agency (FEMA), and… Continue reading FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
New Analysis of NFIP Data Illustrates Unsustainable Rates, More Trouble for Taxpayers
Craig Poulton, CEO of Poulton Associates, LLC, owner of CATcoverage.com, distributed a new report today with the assistance of Guidewire HazardHub demonstrating that the National Flood Insurance Program (NFIP) has not raised rates in line with Congressional directives. The analysis illustrates the NFIP’s failure to raise rates and quantifies just how far rates are from… Continue reading New Analysis of NFIP Data Illustrates Unsustainable Rates, More Trouble for Taxpayers
Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
When the Federal Emergency Management Agency overhauled its beleaguered National Flood Insurance Program last April, it promised that larger, more expensive homes would bear the brunt of premium increases, while nearly 90% of policyholders would see their costs remain stable or decrease. According to a new report from the real estate firm Redfin, when the… Continue reading Redfin Report: 81% of Flood Insurance Policyholders Will See Rate Increases
Extreme Flood Events Drive High Losses in 2021
Last year, global economic losses from floods amounted to $82 billion, yet insured losses stood at slightly more than $20 billion, indicating a large protection gap. In 2021, floods accounted for 31% of global economic losses from natural catastrophes, only 2% less than tropical cyclones, according to Swiss Re Institute’s latest sigma report, “Natural catastrophes… Continue reading Extreme Flood Events Drive High Losses in 2021