federal flood insurance News

Federal Flood Insurance Average Premium to Rise 8%

A typical premium charged by the National Flood Insurance Program is slated to rise about eight percent in the coming year, with the estimated average premium going from $866 to $935. When various surcharges are added, the total average amount …

Disasters Affected 8% of U.S. Population in 2017, FEMA Notes in Review of Historic Year

The Federal Emergency Management Agency (FEMA) supported 59 major disaster declarations and 16 emergency declarations in 2017, a year during which unprecedented disasters affected more than 25 million Americans, almost eight percent of the U.S. population. In its year-end review, …

Special Reuters Report: The High Cost of Building in High Flood Risk Areas

When Hurricane Harvey sent two feet of water rolling into this small community about 35 miles north of Houston, Alfredo Becerra had to flee his modest 1,500-square-foot house. Muddy floodwater submerged the furniture and ruined carpet inside the construction worker’s …

Congress Prepares to Address Flood Insurance Overhaul Again

The latest attempt to overhaul the U.S. federal flood insurance program hit a stumbling block, but a coalition of business and environmental groups renewed its push on Wednesday for lawmakers to enact an overhaul before the program expires on Dec. …

Senate Expected to Pass $36.5B Disaster Aid Bill Including Flood Insurance Funds

The Senate is pushing ahead on a $36.5 billion hurricane relief package that would give Puerto Rico a much-needed infusion of cash. The measure also would replenish rapidly dwindling emergency disaster accounts and provide $16 billion to permit the financially …

House Approves $36.5B Disaster Aid with Puerto Rico, Wildfires, Flood Insurance Funds

The U.S. House of Representatives on Thursday approved $36.5 billion in emergency relief for hurricane-hit Puerto Rico and other areas that have suffered recent disasters. In addition to the U.S. territory of Puerto Rico, which is recovering from devastation wreaked …

New Jersey’s Menendez, Pallone Tout Flood Insurance Reform Legislation

Five years after Superstorm Sandy devastated towns along the New Jersey shore, Sen. Bob Menendez and Rep. Frank Pallone want changes made to federal flood insurance they said will fix a system that often failed beleaguered homeowners. Speaking Thursday on …

Flood Insurance in the Standard Market Part 2

Last week, we started a conversation about flood coverage. If you missed last week’s blog, go back and read it now. We’ll wait for you. To sum up last week’s blog, I believe that the standard market could cover flood …

Federal Flood Insurance Rates Expected to Rise in Houston Area

The cost of federal flood insurance is expected to rise for thousands of Houston-area homeowners as Congress looks to overhaul a program that’s billions of dollars in debt. The National Flood Insurance Program provides coverage to more than 300,000 homes …

North Carolina Town to Challenge Federal Flood Maps

Officials in Wrightsville Beach, N.C., plan to challenge new federal flood plain maps in a move that could save some residents thousands of dollars in insurance premiums. The StarNews of Wilmington reports the town’s board of aldermen agreed Sept. 10 …