NFIP News

With Fix for Flood Insurance Program Deficit Delayed, Now What?

There’s no easy fix for the National Flood Insurance Program, now drowning in a $24 billion sea of red ink. But experts and advocates say Congress does have some options that could make the troubled program financially stable, more affordable …

North-Central Penn. Officials: Higher Flood Insurance Rates Will Bankrupt Homeowners

Residents and officials in flood-prone north-central Pennsylvania are warning that a new federal law ending subsidized federal flood insurance rates in certain areas will bankrupt homeowners, drive down property values and deplete tax bases. They testified during a Wednesday hearing …

Some Flood Insurance Rates to Rise in Kansas’ Douglas County

Some property owners in Douglas County, Kansas, could soon pay more for federal insurance. The federal government’s decision to phase out subsidized insurance in special flood hazard areas will increase costs for 168 property owners in Douglas County. Most of …

Prospects Dim for Bills to Delay Flood Insurance Rate Hikes

Efforts to delay implementation of changes in the federal flood insurance program have run into roadblocks on both sides of Capitol Hill. The leaders of the House Financial Services Committee say they are standing behind last year’s bipartisan legislation to …

Rising Cost of Flood Insurance Will Create Challenges for NYC: RAND

Some New York City residents may soon face sharp increases in their flood insurance premiums as a result of major changes occurring in the National Flood Insurance Program and the redrawing of flood maps that expand the areas at risk, …

Schumer: Sandy Victims Need More Time to Challenge NFIP Payout Amounts in Court

Two U.S. senators representing New York State, Sen. Charles Schumer and Sen. Kirsten Gillibrand, this week called on Federal Emergency Management Agency (FEMA) to extend the statute of limitations for Sandy victims seeking to legally challenge their flood insurance payout …

Mass. AG Proposes Limiting Amount of Mandatory Flood Insurance for Homeowners

In an effort to assist homeowners facing significant flood insurance increases due to FEMA’s updated and expanded flood zone maps, Massachusetts Attorney General Martha Coakley and the House Speaker Robert DeLeo have filed state legislation today to cap the amount …

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. …

Sandy Victims Get 6 More Months to File FEMA Doc

Victims of Superstorm Sandy still fighting for a bigger insurance payment from the companies that administer the federal flood insurance program are getting a six-month extension to file critical paperwork. The Federal Emergency Management Agency announced the decision Tuesday, even …

New York to Compensate Storm Victims for NFIP’s ‘Earth Movement’ Exclusion

New York will use part of its share of billions of dollars in federal Superstorm Sandy aid to “fully compensate” storm victims who had flood insurance claims denied because of a hard-to-understand rule barring payments for damage caused by earth …