flood insurance premiums 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 …

Lloyd’s Urges Insurer Investment in Natural Habitats for Flood Protection

Natural coastal habitats such as mangroves, coral reefs and salt marshes protect communities more effectively against coastal storms than seawalls, and insurers should consider this when pricing flood risk, Lloyd’s of London said. Investment to conserve natural habitats also makes …

N.J. Lawmakers: FEMA Maps May Have Exaggerated Flood Risk Across State

New Jersey’s Congressional delegation members sent a letter to the Federal Emergency Management Agency (FEMA) on Oct. 23, expressing “significant concerns with the methodology” of the Flood Insurance Rate Maps (FIRMs) for New Jersey. In a letter to FEMA Administrator …

Millions, Including Sandy Victims, Facing Higher Flood Insurance Premiums

A $24 billion sea of red ink has millions of Americans in vulnerable flood zones, including homeowners still struggling to recover from Superstorm Sandy, facing steep increases in flood insurance premiums. New legislation that went into effect this month — …

What Agents Should Know About Flood Insurance Changes in Effect April 1

Starting today, when flood insurance policyholders go to renew their policies, they could be quoted premium increases ranging from 15 to 18 percent on average if their home is their primary residence and up to 25 percent if it is …

R.I. Realtors: Flood Insurance Concerns Contributed to Home Sales Drop in Feb.

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 …

Hoboken, N.J., Aims to Become National Model for Flood Mitigation

The city of Hoboken, New Jersey, was nearly swallowed by the Hudson River during Superstorm Sandy last year. Three of its electrical substations and most of its firehouses flooded, businesses and homes were submerged, and people were trapped in high-rises …

Flood Insurance Premiums Rising Along New Jersey Coast

Hundreds of New Jersey flood insurance policyholders will soon be facing higher premiums spurred by sweeping changes to the federal law that will take effect Tuesday. The increases stem from legislation passed in June 2012 that requires all flood insurance …

Flood Insurance Policyholders Told to Expect Big Premium Hikes

The head of the Federal Emergency Management Agency said people who buy federal flood insurance need to plan for big rate hikes. FEMA director Craig Fugate said some people now paying hundreds of dollars a year could wind up paying …

Legislators Propose Stretching Out NFIP Rate Hike Timeline to Assist Sandy Victims

A group of U.S. representatives from New York is proposing a bill that would stretch out the National Flood Insurance Program’s premium increase timeline. On Monday, U.S. Reps. Michael G. Grimm (R-N.Y.), Gregory Meeks (D-N.Y.), Charles B. Rangel (D-N.Y.), Eliot …