Insurance Journal » National Flood Insurance Program http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 25 Apr 2014 00:16:29 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 N.J. Gov. Asks FEMA to Give Sandy Victims More Time to File Flood Claims http://www.insurancejournal.com/news/east/2014/04/09/325870.htm Wed, 09 Apr 2014 15:49:56 +0000 http://www.insurancejournal.com/?p=325870 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 …

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R.I. Realtors: Flood Insurance Concerns Contributed to Home Sales Drop in Feb. http://www.insurancejournal.com/news/east/2014/04/03/325368.htm Thu, 03 Apr 2014 16:10:04 +0000 http://www.insurancejournal.com/?p=325368 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 …

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In Maine, 3,300 Policyholders Likely to See Flood Insurance Rate Increases http://www.insurancejournal.com/news/east/2014/04/02/325035.htm Wed, 02 Apr 2014 16:44:26 +0000 http://www.insurancejournal.com/?p=325035 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 …

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In Delaware, Over 3,600 Policyholders Face Flood Rate Hikes http://www.insurancejournal.com/news/east/2014/04/01/324879.htm Tue, 01 Apr 2014 04:47:07 +0000 http://www.insurancejournal.com/?p=324879 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 …

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Rhode Islanders Grapple With Rising Flood Insurance Premiums http://www.insurancejournal.com/news/east/2014/04/01/324881.htm Tue, 01 Apr 2014 04:41:38 +0000 http://www.insurancejournal.com/?p=324881 Steve Morris lives in a century-old restored cottage on a tucked away corner of Narragansett Bay in Rhode Island. The home survived big hurricanes in 1938 and 1954, and Morris has never worried about flooding. But the home is now …

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In Maryland, 12K Residents Face Steady Rise in Flood Premiums http://www.insurancejournal.com/news/east/2014/03/31/324753.htm Mon, 31 Mar 2014 04:36:07 +0000 http://www.insurancejournal.com/?p=324753 Changes in the federal flood insurance program are likely to mean higher premiums for thousands Maryland residents, and not just those living in Ocean City or along the Chesapeake Bay. Residents of smaller inland towns like Federalsburg, where the percentage …

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Thousands in New Hampshire Still Face Flood Premium Hike http://www.insurancejournal.com/news/east/2014/03/31/324755.htm Mon, 31 Mar 2014 04:35:45 +0000 http://www.insurancejournal.com/?p=324755 Realtor Bob Preston has lived on New Hampshire’s seacoast his entire life and his family has sold and rented properties there for decades. He’s never had a property flood but still pays for federally mandated flood insurance. Like thousands of …

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In Vermont, 2,400 Residents Likely to See Their Flood Premiums Rise http://www.insurancejournal.com/news/east/2014/03/28/324734.htm Fri, 28 Mar 2014 16:59:59 +0000 http://www.insurancejournal.com/?p=324734 Much of downtown Montpelier, Vermont, is perched along the banks of the North Branch of the Winooski River, a waterway that has poured into buildings, forcing many homeowners to purchase flood insurance. Now 242 Montpelier residents who receive subsidized federal …

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Few D.C. Residents Affected in Flood-Insurance Debate http://www.insurancejournal.com/news/east/2014/03/28/324720.htm Fri, 28 Mar 2014 16:53:34 +0000 http://www.insurancejournal.com/?p=324720 While the federal government wades through a complicated effort to keep the National Flood Insurance Program solvent, the capital city has very little at stake in the debate. That could be changing, though. Data compiled by The Associated Press show …

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Pennsylvania River Towns Facing Rising Flood Insurance Rates http://www.insurancejournal.com/news/east/2014/03/27/324584.htm Thu, 27 Mar 2014 16:41:52 +0000 http://www.insurancejournal.com/?p=324584 Jeff King had put his house in Wilkes-Barre, Penn., up for sale for $90,000 last year, put off by the city’s struggles with crime and the desire for a better school district for his four children, when he got a …

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New Flood Insurance Law Only Slows Rate Hike for 14K Conn. Property Owners http://www.insurancejournal.com/news/east/2014/03/27/324589.htm Thu, 27 Mar 2014 16:34:30 +0000 http://www.insurancejournal.com/?p=324589 Stephen Nelson and Mary Anne Mayo are still struggling with the destruction from Superstorm Sandy, nearly 18 months after it swept through their Westport, Conn., home, taking their first-floor belongings into the Saugatuck River. The couple, relying on federal flood …

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In Virginia, Over 20K People May See Flood Insurance Rate Hikes of Up to 25% http://www.insurancejournal.com/news/east/2014/03/26/324507.htm Wed, 26 Mar 2014 17:00:04 +0000 http://www.insurancejournal.com/?p=324507 More than 20,000 Virginia homeowners and businesses could see their rates for flood insurance rise up to 25 percent as part of an attempt to put the troubled National Flood Insurance Program back on sound financial footing, potentially socking many …

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In New Jersey, Rising Flood Insurance Costs Not Just a Shore Worry http://www.insurancejournal.com/news/east/2014/03/25/324401.htm Tue, 25 Mar 2014 16:58:05 +0000 http://www.insurancejournal.com/?p=324401 If flooding were a real concern for Taylor Rambo in Burlington City, N.J., he says he wouldn’t have built a bar in his basement. Yet he pays about $2,700 each year for flood insurance that he is required to have …

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Massachusetts Lawmakers Seek to Ease Federal Flood Insurance Rules http://www.insurancejournal.com/news/east/2014/03/25/324343.htm Tue, 25 Mar 2014 05:33:35 +0000 http://www.insurancejournal.com/?p=324343 When Mitch Haddad and his brother began rebuilding their family’s oceanside restaurant in Marshfield, Massachusetts, they decided to take no chances. The restaurant, which had been in the family for more than 70 years, routinely flooded — 25 times in …

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Florida Legislature Seeks to Entice Private Insurers to Sell Flood Policies http://www.insurancejournal.com/news/southeast/2014/03/24/324261.htm Mon, 24 Mar 2014 18:15:59 +0000 http://www.insurancejournal.com/?p=324261 The Florida Legislature is moving forward on a plan to entice private insurance companies to sell flood policies in the state that’s the most vulnerable to storm surge. It’s not clear, though, that many private insurers will want to assume …

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Flood Insurance Fix Only Slows Rate Hike for 60K New Yorkers http://www.insurancejournal.com/news/east/2014/03/24/324212.htm Mon, 24 Mar 2014 16:59:00 +0000 http://www.insurancejournal.com/?p=324212 For Gay Alexander, Superstorm Sandy “is not over,” she says, her voice cracking as she speaks about the cost for flood insurance on her damaged, waterfront Long Island home. The single mother of two doesn’t have the money to fix …

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President Obama Signs Flood Insurance Relief Bill http://www.insurancejournal.com/news/national/2014/03/24/324217.htm Mon, 24 Mar 2014 16:58:22 +0000 http://www.insurancejournal.com/?p=324217 Homeowners living in flood-prone areas are getting relief from big spikes in insurance costs under legislation President Barack Obama signed into law last Friday. Lawmakers from both parties supported the measure in response to angry homeowners who faced sharp premium …

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Jersey Shore Residents Hail Passage of Flood Insurance Relief Bill http://www.insurancejournal.com/news/east/2014/03/15/323432.htm Sat, 15 Mar 2014 19:18:18 +0000 http://www.insurancejournal.com/?p=323432 Sue Suebelka, who had little fish swimming among the shelves of her new refrigerator, won’t have to pay quite as much for flood insurance. Kim Ely, who still washes dishes in a bucket and eats dinner from a microwave in …

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Mass. House OKs Bill to Soften Impact of Flood Insurance Rules http://www.insurancejournal.com/news/east/2014/03/13/323286.htm Thu, 13 Mar 2014 23:43:19 +0000 http://www.insurancejournal.com/?p=323286 The Massachusetts House on Wednesday unanimously approved a bill designed to soften the impact of new federal flood insurance rules on many of the state’s coastal homeowners. The measure, sponsored by Democratic House Speaker Robert DeLeo, would tie the level …

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U.S. Congresswoman: Flood Insurance Bill Bad for Michigan http://www.insurancejournal.com/news/midwest/2014/03/05/322269.htm Wed, 05 Mar 2014 16:46:13 +0000 http://www.insurancejournal.com/?p=322269 A U.S. Congresswoman from Michigan wants her state to opt out of the National Flood Insurance Program, saying it’s not good for Michigan homeowners. U.S. Representative Candice Miller (MI-10) voted against H.R. 3370, the Homeowner Flood Insurance Affordability Act, which …

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AG Coakley Testifies in Support of Flood Insurance Bill in Massachusetts http://www.insurancejournal.com/news/east/2014/02/28/321873.htm Fri, 28 Feb 2014 17:58:50 +0000 http://www.insurancejournal.com/?p=321873 Concerned that increased insurance rates caused by new flood zone maps will “tip the balance” for homeowners who weathered the economic downturn but are still feeling its effects, Massachusetts Attorney General Martha Coakley testified Thursday in support of proposed state …

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N.J. Court Seeking Ways to Expedite Sandy Flood Litigation Process http://www.insurancejournal.com/news/east/2014/02/26/321568.htm Wed, 26 Feb 2014 17:32:51 +0000 http://www.insurancejournal.com/?p=321568 A New Jersey federal court is seeking ways to expedite the litigation process for hundreds of flood insurance coverage-related cases that have been filed in wake of Superstorm Sandy. The U.S. District Court for the District of New Jersey announced …

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New Orleans’ Levees Accredited; May Lead to Lower Flood Insurance Rates http://www.insurancejournal.com/news/southcentral/2014/02/24/321354.htm Mon, 24 Feb 2014 17:19:38 +0000 http://www.insurancejournal.com/?p=321354 The Federal Emergency Management Administration has declared the New Orleans area levee system accredited, clearing the way for the improved storm surge protection to be incorporated into National Flood Insurance Program flood maps, which should eventually lead to reduced flood …

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Preliminary Flood Insurance Rate Maps Released for 2 N.J. Counties http://www.insurancejournal.com/news/east/2014/02/04/319309.htm Tue, 04 Feb 2014 14:48:33 +0000 http://www.insurancejournal.com/?p=319309 The Federal Emergency Management Agency (FEMA) on Monday released Preliminary Flood Insurance Rate Maps (FIRMs) for New Jersey’s Middlesex and Monmouth Counties that reflect the latest refinements to the ongoing analysis of flood hazards. FEMA said this release is the …

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Mass. Rep. Keating Urges House Approval of Flood Insurance Bill http://www.insurancejournal.com/news/east/2014/02/03/319201.htm Mon, 03 Feb 2014 14:31:24 +0000 http://www.insurancejournal.com/?p=319201 U.S. Rep. William Keating, D-Mass., is calling for swift passage of a flood insurance bill in the House that would give hundreds of thousands of homeowners a reprieve from higher flood insurance premiums. The Democrat said there’s no reason why …

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Private Flood Insurance Provider Steps Into Connecticut Market http://www.insurancejournal.com/news/east/2014/02/03/319192.htm Mon, 03 Feb 2014 14:02:07 +0000 http://www.insurancejournal.com/?p=319192 A private flood insurance provider has stepped into Connecticut’s market, the first time homeowners along the shoreline battered by Superstorm Sandy have an alternative to increasingly costly federal insurance. The Flood Insurance Agency of Gainesville, Fla., is offering flood insurance …

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Some Western N.Y. Homeowners Grapple With Flood Damage After Canceling Insurance http://www.insurancejournal.com/news/east/2014/01/21/317688.htm Tue, 21 Jan 2014 21:43:04 +0000 http://www.insurancejournal.com/?p=317688 Some western New York residents whose homes were damaged by a snow-swollen river this month had only recently cancelled their federal flood insurance policies because of rate increases. About 70 houses in West Seneca, just outside Buffalo, flooded when a …

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Mass. Sen. Warren Launches Statewide Tour, Discusses Flood Insurance http://www.insurancejournal.com/news/east/2014/01/21/317696.htm Tue, 21 Jan 2014 05:27:09 +0000 http://www.insurancejournal.com/?p=317696 U.S. Sen. Elizabeth Warren, D-Mass., is scheduled to participate in events across Massachusetts next week to discuss her agenda for the year and the importance of making investments that help build a strong middle class. The Democrat’s “Priorities for the …

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Remapping, Subsidy Loss Raising North Dakota Flood Insurance Costs http://www.insurancejournal.com/news/midwest/2014/01/17/317567.htm Fri, 17 Jan 2014 17:08:07 +0000 http://www.insurancejournal.com/?p=317567 Had Greg Larson, a realtor and riverside homeowner in Bismarck, N.D., and his family changed their flood insurance policy, their cost would have gone from $705 a year to $4,200. Increases in flood insurance rates are making some of Bismarck-Mandan’s …

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N.J. Sen. Menendez Calls on Congress to Delay Flood Insurance Rate Hikes http://www.insurancejournal.com/news/east/2014/01/03/316027.htm Fri, 03 Jan 2014 16:36:12 +0000 http://www.insurancejournal.com/?p=316027 U.S. Senator Robert Menendez (D-N.J.) on Thursday joined residents and local officials in Brick, N.J., to call on Congress to pass the Homeowner’s Flood Insurance Affordability Act. The bipartisan, bicameral bill, originally introduced by Sen. Menendez on the anniversary of …

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