federal flood insurance News

Beyond Katrina: Lessons in Mitigation, Insurance and Community

Among the lessons to be learned from Hurricane Katrina are that communities and all stakeholders should prioritize flooding as the greatest risk, devote more resources to preventive measures rather than post-event disaster relief, and address current infrastructure weaknesses, according to …

Florida Commissioner McCarty Says NFIP Rates May Be Unfairly Discriminatory

Florida Insurance Commissioner Kevin McCarty said on Aug. 14 that the National Flood Insurance Program’s (NFIP) rates for Florida may be “unfairly discriminatory” and that his office will ask for the actuarial study, including data and models used to determine …

PIA, Floodbroker.com Offer Agents Flood Insurance Sales Tool

The National Association of Professional Insurance Agents (PIA) has formed a partnership with Floodbroker.com that allows agents to sell flood insurance. Through PIA’s exclusive partnership, PIA members’ clients and prospects will be able to learn about their flood risks and …

North Carolina Coastal Homeowners Weigh Self-Insuring for Floods

Bill Cherry has seen his share of storms buffet his house and his Breezeway Restaurant and Motel near Topsail Beach in North Carolina, a slip of a barrier island just over two blocks wide. But, with sharp increases in premiums …

Brown & Brown to Acquire Flood, Specialty Insurer The Wright Group

Florida-based national insurance broker Brown & Brown, Inc. has agreed to acquire The Wright Insurance Group, LLC for $602.5 million from Aquiline Capital Partners, Wright’s lead equity partner. The Wright Insurance Group (TWIG), with $114 million in revenues, is a …

FEMA: 17 New Jersey Towns Recognized for Reducing Their Flood Hazard Risk

Federal Emergency Management Agency (FEMA) said 17 New Jersey municipalities are being recognized in two awards ceremonies this week for reducing their flood hazard risk through FEMA’s Community Rating System (CRS). Residents in participating municipalities are eligible for incremental premium …

Concerns Raised Over FEMA Flood Maps in Maine

Maine communities are criticizing new maps proposed by the federal government that show future flooding risks near the state’s coast that could impact what kind of insurance property owners must buy. The Flood Insurance Rate Maps released in November by …

FEMA Says No Deadline Extension for Filing Sandy Flood Insurance Suits

The Federal Emergency Management Agency (FEMA) said it cannot extend the deadline for Superstorm Sandy victims who may want to file lawsuits challenging a denial or disallowance of all or part of their federal flood insurance claims. FEMA’s announcement is …

Rule on Requiring Lenders to Accept Private Flood Insurance Proposed

Five federal regulatory agencies are considering a rule that could boost sales of private flood insurance. The proposal would require lenders to accept private flood policies to satisfy the mandate that certain homebuyers in flood hazard areas purchase flood insurance. …

FEMA’s Latest Data on Federal Assistance for N.J.’s Sandy Recovery

The Federal Emergency Management Agency this week published its latest data on ongoing federal assistance for New Jersey’s recovery from Superstorm Sandy. As of Monday, Sept. 9, the total federal assistance for New Jersey’s Sandy recovery effort added up to …