private flood insurance News

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 …

Flood Insurance Presents Opportunity, Obstacles for Private Insurers

Privatization of the National Flood Insurance Program (NFIP) would present a huge growth opportunity to the property/casualty market, allowing insurers to tap into about $3.3 billion of yearly premiums. But the flood insurance market has a long way to go …

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 …

West Virginia Private Flood Insurance Bill Awaits Governor’s OK

The West Virginia House last Friday in a 86-8 vote passed a bill authorizing private insurers to sell flood insurance and setting out guidelines for regulation of the policies. The bill, SB 621, had previously passed the Senate 34-0 on …

Private Market Could Grow As Government Flood Insurance Prices Rise: Fitch

As federal subsidies for flood insurance are reduced and the cost of government provided insurance goes up, the demand for private flood coverage could also rise, according to Fitch Ratings. However, it remains to be seen if the private reinsurance or …

West Virginia Bill Would Authorize Sale of Private Flood Insurance

West Virginia state Senator Rocky Fitzsimmons (D-Ohio) has introduced a bill that would authorize private insurers to offer flood insurance in West Virginia. Since federal law changes in 2012, some West Virginians have experienced significant increases in flood insurance premiums …

Private Flood Insurance Provider Steps Into Connecticut Market

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 …

How to Encourage Private Flood Insurance; Why Delaying Biggert-Waters Is Not the Answer

New technologies and a better understanding of flood risk may have increased private insurers’ interest in providing flood insurance but real obstacles remain to the private sector getting involved. The obstacles include political and consumer resistance to full cost-based pricing …

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. …

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 …