National Flood Insurance Program News

N.J. Commissioner: 99.4% of Non-Flood Sandy Claims Settled

New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski said that among the 470,281 non-flood, Superstorm Sandy-related homeowners, automobile and commercial claims that were filed in New Jersey, 99.4 percent have now been settled, representing $4.3 billion in payments …

N.J. Sen. Menendez Urges FEMA to Reform NFIP’s Claims Process

Following up on issues that were raised at the July 30 hearing on post-Sandy flood insurance claims, U.S. Sen. Robert Menendez (D-N.J.) sent a letter on Wednesday, Sept. 10, to Federal Emergency Management Agency’s (FEMA) Administrator Craig Fugate, urging him …

Florida’s Flood Agency Stops Writing New Business in Tampa Bay Region

One of the first entities to step forward and provide private flood insurance in Florida has announced it will stop writing new business in the Tampa Bay region in order to manage its exposure. The Flood Agency, which offers private …

FEMA Administrator Questioned Over Sandy Flood Claims

The head of the Federal Emergency Management Agency has asked an independent watchdog to examine whether the flood-insurance program is shortchanging Superstorm Sandy victims. Administrator Craig Fugate testified before a subcommittee chaired by Sen. Robert Menendez (D-N.J.) on Wednesday. The …

Senate Committee Holds Hearing on Flood Claims Process After Sandy

A U.S. Senate committee today conducted a hearing titled “The Flood Insurance Claims Process in Communities After Sandy: Lessons Learned and Potential Improvements,” where lawmakers had a chance to listen to the insurance industry’s lessons learned from Superstorm Sandy and …

With Premium Refunds in Process, Washington Criticism of Flood Insurance Ebbs

Insurance agent, insurance carrier and real estate lobbyists praised federal regulators in charge of the National Flood Insurance Program (NFIP) last week on Capitol Hill, agreeing that the process of issuing flood insurance premium refunds and restoring premium subsidies is …

Mass. Gov. OKs Bill Tying Required Flood Coverage Amount to Mortgage Balance

Massachusetts Gov. Deval Patrick on Wednesday signed into law legislation that prohibits creditors from requiring residential property owners to buy flood insurance in an amount that exceeds the balance of their mortgage or the value of a home equity line …

Mass. Senate OKs Bill Tying Required Flood Coverage Amount to Mortgage Balance

The Massachusetts state Senate on June 26 passed legislation filed by the state’s attorney general, Martha Coakley, and state House Speaker Robert DeLeo aimed at softening the impact of flood insurance rate increases. The bill, H 3783 (“An Act Relative …

Philadelphia Launches Commercial Excess Flood Coverage

Philadelphia Insurance Cos. (PHLY) is now offering commercial excess flood coverage to complement its commercial primary flood product. PHLY’s new excess coverage competitively priced and available at limits higher than the National Flood Insurance Program (NFIP) for businesses. Through PHLY’s …

Connecticut Residents Feeling Financial Strain as Flood Insurance Cost Rises

People living on Porter Avenue in Middlebury, Conn., face a threat that could put their homes underwater — but it’s not coming from nearby Long Swamp Brook. The rising cost of flood insurance is putting a financial strain on local …