In the last year, the southwestern Louisiana city of Lake Charles has been hit by two hurricanes, heavy rains that sent water gushing down streets, and a deep freeze that caused pipes to burst. However, because the cost of his flood insurance is rising, Tommy Eastman may eventually drop coverage on his four-bedroom home, which… Continue reading Flood Insurance Costs Rise in Areas Once Deemed Lower Risk
Tag: flood insurance
Incline P&C Group Partners with Wright National Flood Insurance Services
Incline P&C Group, the premier insurance program market services firm, today announced a new partnership with Wright National Flood Insurance Services, LLC, an industry-leading flood insurance provider that offers federal, excess and private flood insurance policies. This partnership will extend Incline P&C Group’s ability to offer flood insurance policies to those located in Texas, North… Continue reading Incline P&C Group Partners with Wright National Flood Insurance Services
Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
The insurance industry could face claims of as much as $30 billion from hurricane Ida, which caused extreme wind and flood damage across parts of the U.S. after making landfall in late August. Insured losses from the storm, the second-most intense hurricane to hit the state of Louisiana, will probably range between $28 million and… Continue reading Hurricane Ida Could Cost Insurers As Much As $30 Billion: Swiss Re
Flood Insurance Costs Set to Rise as FEMA’s New Rates Kick In
The federal government Friday rolled out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland communities alike. The Federal Emergency Management Agency in April announced the first significant update to the beleaguered National Flood Insurance Program, which covers… Continue reading Flood Insurance Costs Set to Rise as FEMA’s New Rates Kick In
FEMA’s New Director Prepares Agency for a Hot, Chaotic Future
Deanne Criswell, the first woman to lead the Federal Emergency Management Agency, in April took over a 20,000-person operation exhausted by managing responses to disasters linked to global warming: wildfires and the 2020 hurricane season, the most active on record. As if that weren’t enough, President Joe Biden asked FEMA to create and staff sites… Continue reading FEMA’s New Director Prepares Agency for a Hot, Chaotic Future
The Cost of Insuring Expensive Waterfront Homes Is About to Skyrocket
Florida’s version of the American dream, which holds that even people of relatively modest means can aspire to live near the water, depends on a few crucial components: sugar white beaches, soft ocean breezes and federal flood insurance that is heavily subsidized. But starting Oct. 1, communities in Florida and elsewhere around the country will… Continue reading The Cost of Insuring Expensive Waterfront Homes Is About to Skyrocket
Appetite for Flood Risk Among Private Insurers Still Small: AM Best
The U.S flood insurance market is slowly transitioning toward private insurers playing a much needed and more prominent role by providing additional competitive market options for those seeking coverage, according to a new AM Best report. The slow shift toward more private sector involvement comes a time when the federally operated National Flood Insurance Program… Continue reading Appetite for Flood Risk Among Private Insurers Still Small: AM Best
After Northeast Flooding, Insurance Woes Swamp Residents
After being pummeled by two tropical storms that submerged basements, cracked home foundations and destroyed belongings, Northeastern U.S. residents still in the throes of recovery are being hit with another unexpected blow: Thousands of families are now swamped with financial losses because they didn’t have flood insurance. Most of those caught off guard by the… Continue reading After Northeast Flooding, Insurance Woes Swamp Residents
CoreLogic Estimates $16B to $24B in Insured and Uninsured Flood Losses in the Northeast from Tropical Storm Ida
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released additional loss estimates for Hurricane Ida, following its initial release estimating between $27 billion and $40 billion in insured and uninsured losses from wind, storm surge and inland flooding in Louisiana and Mississippi. According to this new analysis, specifically for the U.S.… Continue reading CoreLogic Estimates $16B to $24B in Insured and Uninsured Flood Losses in the Northeast from Tropical Storm Ida
Flooding, Record Rainfall Mapped Along Ida’s Path
Residual rain from Hurricane Ida hit the Northeast. Despite early forecasts suggesting 3 to 6 inches for the day, the region was walloped by the post-tropical cyclone. At least 40 people died in the region amid tornadoes, record-breaking rainfall, flash flooding and power outages. The large weather system spanned from Baltimore to Boston Wednesday, dropping… Continue reading Flooding, Record Rainfall Mapped Along Ida’s Path