FEMA Reconsidering Private Insurers’ Role in Flood Insurance

May 26, 2015

  • May 26, 2015 at 1:58 pm
    Dave says:
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    Communism always works best. We have example over example over example of how well things work in a Communist economy. Of how all are better off. It’s just taken us longer to see that.

  • May 26, 2015 at 2:21 pm
    brian says:
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    This is SUCH a good idea to have ONLY FEMA/National Flood handle the flood program. The federal government does everything better, right? NO! My carriers do a great job on claims.

  • May 26, 2015 at 2:22 pm
    Doug Spencer says:
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    Why should flood insurance be held hostage to federal program with serious partisan issues?
    How does federal control of all flood insurance improve the efficiency or cost of providing coverage?
    When the national flood insurance program is not available due to partisan Washington DC behavior many real estate transactions are stalled in CA?
    Private flood insurance is a real blessing when national flood insurance is not available!

    Why should one federal region subsidize another?
    Why should CA subsidize national flood claims if someone chooses to live in Louisiana or New Jersey?
    We do not ask other states to subsidize our CA earthquake insurance routine.
    We cannot afford any more federal “help” with state rights insurance issues!!!

    • May 27, 2015 at 10:10 am
      Agent says:
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      Doug, I don’t think you have to worry about Flood Issues in California. California can’t manage the water it has and would rather save the Smelt Fish than conserve water for humans and for the Agriculture industry.

      • May 27, 2015 at 11:00 am
        Confused says:
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        California is on the west coast near the Pacific – pretty sure that oceans can cause floods even when a state is in a drought.

    • May 27, 2015 at 10:39 am
      Bill says:
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      Of course Californians have no problems with the rest of the nation spending billions and billions on western water projects.

  • May 26, 2015 at 2:23 pm
    Jon says:
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    Right, because the government has never been accused of “widespread fraud”, Senator.

  • May 26, 2015 at 2:23 pm
    agent2 says:
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    Lets see what that 30% paid to WYO companies bloats into when the fed handles policy sales/service and claims. I’ll bet it will be more….a lot more.

    A lot of the underpayments come from the fact that the flood program simply does not cover the cost to replace.

  • May 26, 2015 at 2:49 pm
    KY jw says:
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    The obvious solution is no federal involvement and all coverage is in the private market. Unfortunately, that just doesn’t seem possible.

    • May 26, 2015 at 4:01 pm
      agent2 says:
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      BINGO KY jw! With policies that cover the risk adequately like a homeowner policy AND paid for by the property owner assuming the risk. Not you and I.

    • May 26, 2015 at 4:39 pm
      Agent says:
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      KY, I think it would be pretty hard to turn everything over to the private market to underwrite Flood. If the mighty Mississippi ever got out of control, it could flood hundreds of towns and cities in several states and the reserves of the private market would literally go down the drain.

    • May 27, 2015 at 10:41 am
      Bill says:
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      If people did pay for their own risk, many flood prone areas would never develop. On the other hand, much development is already in place. The NFIP was created in the first place because the private market would not cover flood risk due to the extremely high potential for catastrophic claims.

      • May 27, 2015 at 1:36 pm
        KY jw says:
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        Flood prone areas should not be developed.

  • May 26, 2015 at 5:10 pm
    DougJ says:
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    Does Chuck Schumer ever make sense???? To those of us who do not live in Manhattan????

  • May 26, 2015 at 6:34 pm
    Old Law Man says:
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    FEMA wants to reopen 144,000 claims. This process should take quite a long time to examine. Perhaps they should have Hillary’s people take a look at these claims. We know that they were able to look at all of her emails and delete the emails that were of no intrest to investigators.

    • May 27, 2015 at 11:12 am
      agent2 says:
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      Your sarcasm totally discounts the fact that Hillary’s people saved the investigators huge amounts of time and taxpayer expense by deleting all those emails of no interest to us.

      • May 27, 2015 at 11:18 am
        Agent says:
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        agent2, do you mean all those emails approving $165 Billion in arms sales to countries that gave to the foundation? Something is rotten in Denmark when the Clinton name is mentioned.

        • May 27, 2015 at 3:10 pm
          agent2 says:
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          it was my poor attempt at sarcasm. “What emails?” said Mrs. Clinton.

          • May 27, 2015 at 3:18 pm
            Agent says:
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            We should give her credit in releasing 298 emails out of the 55,000. Do you think the Clinton lawyers screened out all the damaging ones? They have been working overtime for sure. Pay them with the foundation money. There is plenty of it.

  • May 26, 2015 at 9:10 pm
    Tom Hannigan says:
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    If you have flood insurance and have a THIRD PARTY flooding your property and causing foundation damage why won’t FEMA insurance companies go after the third parties.

  • May 27, 2015 at 2:42 pm
    Call as I See It says:
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    Chuck Schumer is so full of it…… These flood insurers had NO motive, especially profit to falsify documents etc. They are not paying the claims as he notes later in the article. In fact the insurers get paid more for higher claims $. The only entity that benefits from lower claim payments is the Feds, FEMA, the NFIP. It’s not the insurers its the federal government. They directed the insurers to do it and they have the perfect fall guy, the insurers, because if they say anything then they lose their contract.

    The problem with government in flood is that they are trying to make it affordable to all. And you can’t do it! That’s why the NFIP is upside down some $25B to $30B. Flood insurance works if you charge the right rates!!

    • May 27, 2015 at 3:15 pm
      Agent says:
      Hot debate. What do you think?
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      Didn’t they say the same thing about Healthcare trying to make it affordable for all? It is now called the Unaffordable Care Act.

  • May 27, 2015 at 2:57 pm
    Richie Clements says:
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    Since some Congressman have been caught doing illegal or unethical things we should scrap Congress? Imagine if you were from Louisiana or New Jersey and the only one processing your claim was the Federal Government? Ludicrous!

  • June 1, 2015 at 10:31 am
    Jack says:
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    Can you say USPO, Amtrak, Obumacareless ?

  • June 1, 2015 at 11:09 am
    MN Broker says:
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    The title of this article is miss leading. FEMA is reconsidering the Write Your Own (WYO) contracts with insurance companies. They are not reconsidering private flood insurance that is not reinsured by FEMA.

    • June 2, 2015 at 4:53 pm
      Rosenblatt says:
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      Thanks for clarifying that very important piece of information!

  • June 1, 2015 at 3:06 pm
    Jack says:
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    “We want to fix this,” Fugate said. “If we owe money, we pay. Too often in government we are focused on not making an overpayment, putting more emphasis on not overpaying a claim. I gotta get it right. How do we get to something that’s more successful and works better the first time?

    Really…really…you can’t be serious? LMAO!

    LEAN FORWARD AMERICA!



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