federal flood insurance program News

House-Passed Hurricane, Farm Disaster Aid Bill Includes Flood Insurance Extension

The House on Friday passed a $19 billion disaster aid bill that would deliver long-sought relief to farmers, victims of hurricanes and floods, and rebuild southern military bases, as Democrats try to dislodge the legislation from a Senate logjam over …

How Taxpayers Subsidize Rebuilding Homes After Flooding… Repeatedly

Floodwaters rose about 15 inches (40 centimeters) into Danielle Rees’ home in September when Hurricane Florence drenched this tidewater city on the Pamlico River and overwhelmed a local creek and marshland. The first floor was a sopping mess of gritty, …

FEMA Grows Its Flood Reinsurance Plan with $500 Million Cat Bond

The Federal Emergency Management Agency (FEMA) has secured a reinsurance placement for the National Flood Insurance Program (NFIP) that for the first time is directly backed by capital markets investors. FEMA has entered into a three-year reinsurance agreement, effective August …

Senate Joins House in Passing $36.5B Disaster Aid with Flood Insurance Funds

The Senate sent President Donald Trump a $36.5 billion hurricane relief bill Tuesday that gives Puerto Rico access to $4.9 billion in low-interest Treasury loans, amid concerns that recovery efforts from the recent disasters will require significantly more funding. The …

Hurricane-Battered Flood Insurance Program In Need of Funding

The U.S. National Flood Insurance Program, struggling with the costs of this year’s record hurricane season, will run out of money as early as Oct. 23 unless Congress takes action. The Federal Emergency Management Agency, which runs the taxpayer-subsidized flood …

Hey Congress, Hurricanes and Health Care Have a Lot in Common: Bloomberg View

As Congress continues to struggle with health insurance reform, members should be ruminating on the scenes of “recovery” beaming in from East Texas and Florida, where the majority of households — many now severely damaged or destroyed — had not …

FEMA Responds to Florida’s Flood Rate Request, Sort Of

The Federal Emergency Management Agency (FEMA) has responded to Florida’s request to review the National Flood Insurance Program (NFIP) rates but it may not be as forthcoming and helpful as Florida officials had hoped. In a letter dated Dec. 29, …

Florida Commissioner McCarty Asks FEMA for NFIP Rate Data by Dec. 15

Florida Insurance Commissioner Kevin M. McCarty has followed through on his promise to State Senator Jeff Brandes to investigate the National Flood Insurance Program’s (NFIP) rating practices of Florida insureds. In an Oct. 2 letter to Craig Fugate, administrator of …

Florida’s Prepared Insurance Joins Write Your Own Flood Program

Prepared Insurance Company (PIC), a Florida property/casualty carrier, has been approved to participate in the Write Your Own Flood Program (WYO). The insurer is offering Florida consumers the ability to purchase flood and homeowners insurance through one carrier with one …

Reports Advise How to Make Flood Insurance Affordable

A new report suggests the federal flood insurance program may want to target mitigation grants to households with high premiums, urge homeowners to select higher deductibles, expand the educational role of insurance agents, and provide mitigation loans to help make …