Flood Insurance News

81% of Flood Insurance Policyholders Will See Rate Increases, Report Says

When the Federal Emergency Management Agency rolled out a major overhaul to its beleaguered National Flood Insurance Program last April, it promised that bigger, richer homes would bear the brunt of premium increases, while almost 90 percent of policyholders would …

UK’s Flood Re Launches Scheme to Help Homowners Raise Resilience Against Floods

Flood Re, the joint initiative between the UK insurance industry and the UK government to promote the availability and affordability of flood insurance, has launched a proposition designed to ensure homes are more resilient against flooding. Starting in April, participating …

Climate Change Could Cost U.S. Budget $2 Trillion a Year by End Century

Flood, fire, and drought fueled by climate change could take a massive bite out of the U.S. federal budget per year by the end of the century, the White House said in its first ever such assessment on Sunday. The …

Flood Rating 2.0 Begins April 1 for NFIP Renewals, Hiking Premiums for 2 Million Homes

Starting April 1, property owners in low-lying areas across the country will see their premiums increase when they renew their flood insurance policies, thanks to the federal government’s new flood-risk rating system. Some policyholders could see premiums drop under Risk …

More Sponsors Sign on to Flood Insurance Reform Bill

Two Florida representatives have joined the list of officials pushing for a change in the National Flood Insurance Program. U.S. Rep. Val Demings, R-Orlando, who is running for the Senate, is one of 17 cosponsors of the NFIP Reauthorization and …

Wright National Offers ‘Pinpoint’ Flood Insurance Policies in Georgia

Georgia homeowners now have another choice in flood insurance. Wright National Flood Insurance Services, underwritten by Zurich American, announced it has begun offering policies in the state. Using model-based rating methods, the program can pinpoint risk house by house, the …

New York Mandates Continuing Education for Insurers in Flood Insurance, Diversity

The New York State Department of Financial Services (DFS) is mandating continuing education in flood insurance for property/casualty insurance producers in response to the increasing risk of flooding due to climate change. In addition, DFS is the first state regulator …

Flooding in Alabama Kills 4, Damages Buildings

Four people were killed in Alabama Thursday when torrential rains drenched parts of the state, flooding roads and buildings and causing a sewage overflow. All four deaths, including that of a 4-year-old girl in North Alabama, occurred when high water …

More Cities Face Tough Choice: Rebuild in Flooded Area or Move

Like a growing number of communities across the country, the west Tennessee town of Waverly faces a difficult dilemma: Whether to rebuild hundreds of homes that were recently flooded — or move to higher ground. “I fully realize that we’re …

FEMA Flood Insurance Update Could Mean Higher Premiums in Connecticut

Flood insurance premiums figure to increase for thousands of Connecticut residents when the federal government implements a new rate system, some by as much as $100 per month – but most by up to $10 monthly. The Federal Emergency Management …