National Flood Insurance Program News

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 …

FEMA Extends ‘Proof of Loss’ Deadline for Sandy Flood Insurance Claims

The Federal Emergency Management Agency (FEMA) issued a bulletin Monday announcing that it will grant an additional extension to Superstorm Sandy victims for the “proof of loss” filing deadline for their flood insurance claims. Under the National Flood Insurance Program …

N.J. Gov. Asks FEMA to Give Sandy Victims More Time to File Flood Claims

New Jersey Gov. Chris Christie’s administration is urging the Federal Emergency Management Agency (FEMA) to give the state’s residents and businesses who suffered flood damages from Superstorm Sandy an additional six-month extension to file a complete flood insurance claim, or …

R.I. Realtors: Flood Insurance Concerns Contributed to Home Sales Drop in Feb.

The Rhode Island Association of Realtors says bad winter weather and worries about increasing flood insurance premiums likely played roles as home sales and prices in the state declined in February. The group said on Mar 27 that single-family home …

In Maine, 3,300 Policyholders Likely to See Flood Insurance Rate Increases

Thousands of Maine homeowners and businesses could see their rates for flood insurance rise as the federal government attempts to put the troubled National Flood Insurance Program back on sound financial footing. Most of the communities with the largest number …

In Delaware, Over 3,600 Policyholders Face Flood Rate Hikes

Premiums for thousands of Delaware property owners may increase significantly because of changes to the National Flood Insurance Program, but it seems many residents may not know about impending rate hikes of up to 25 percent. “We have been hearing …