Hurricane Sandy NFIP News

House, Senate OK $9.7B More for Flood Insurance Claims

The House of Representatives voted today 354-67 to increase the borrowing authority of the National Flood Insurance Program (NFIP) by $9.7 billion. The Senate, which already approved a similar increase but as part of a larger $60 billion Superstorm Sandy …

Flood Insurance Funds Will Run Out Jan. 7 Without Congress OK: FEMA

The Federal Emergency Management Agency (FEMA), which administers the National Flood Insurance Program (NFIP), has notified Congress that without the approval of additional borrowing authority, funds available to pay claims will be exhausted sometime around the week of January 7. …

Senate Passes Sandy Disaster Aid, Flood Insurance Increase

The Senate on Friday approved a $60.4 billion supplemental package to provide additional aid for northeast states hit by Superstorm Sandy that includes an increase in the borrowing authority of the federal flood insurance program. The measure increases the borrowing …

More Businesses Seek Government Flood Insurance After Sandy: Marsh

More businesses are expressing interest in purchasing flood insurance coverage from the National Flood Insurance Program (NFIP) in the wake of Superstorm Sandy’s heavy rain, record storm surge, and resulting widespread flood damage, according to insurance broker Marsh. Although most …

P/C Insurers Can Handle Sandy Losses; Flood Program to Bear Brunt

Ratings analysts at A.M. Best Co. said  that it is likely that the brunt of Hurricane Sandy’s financial impact will fall on the National Flood Insurance Program (NFIP), which is responsible for almost all flood coverage in the country. For …