Only 30% of Florida residents have National Flood Insurance Program coverage while private carriers increased their total flood insurance premiums by more than 40% to surpass the $1 billion mark in 2021.
Tag: NFIP
Flood Maps Are Out of Date Says FEMA
The Federal Emergency Management Agency’s flood maps are out of date and understate the risks to homes and businesses from flooding and extreme rain caused by climate change, according to FEMA Director Deanne Criswell. Flooding in Jackson, Mississippi, a week ago, overwhelmed the city’s main water treatment plant, leaving more than 150,000 state-capital region residents… Continue reading Flood Maps Are Out of Date Says FEMA
Climate Change Has Increased Likelihood of a Megaflood in California
As California battles wildfires and severe drought, the threat of flooding may appear to be an unlikely cause for concern. A new study, however, warns that the state could be hit by a “megaflood” in the not-too-distant future, potentially putting millions at risk across the state. The study, published in Sciences Advances on Friday, discovered… Continue reading Climate Change Has Increased Likelihood of a Megaflood in California
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
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
NFIP Sees Reinsurance Partnerships as Mutually Beneficial
The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) in the United States is eager to continue collaborating with the private sector to help close the country’s flood protection gap, and it has asked its reinsurance partners to encourage clients to investigate flood risk. “We want to continue to work with the private… Continue reading NFIP Sees Reinsurance Partnerships as Mutually Beneficial
FEMA Requests Comments on Improving Flood Insurance Program
The Federal Emergency Management Agency (FEMA) is seeking input on how to change flood insurance, a powerful program that both sets standards for resilience in building across the country and encourages repeated construction in vulnerable areas. FEMA’s open call for public comments will be open until Jan. 27, and participants will be able to write… Continue reading FEMA Requests Comments on Improving Flood Insurance Program
Flood Insurance Costs Rise in Areas Once Deemed Lower Risk
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
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
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