National Flood Insurance Program (NFIP) News

NFIP Pays $364M on Idalia Claims. Florida Bill Requires Flood Disclosure to Buyers

The National Flood Insurance Program has paid out $364 million on flood claims from Hurricane Idalia, the storm that swamped part of Florida in August. That’s a fraction of the $3.2 billion NFIP paid after Hurricane Ian, a much larger …

FEMA Adds $575M Reinsurance Coverage for NFIP

The Federal Emergency Management Agency (FEMA) late last week said that for the seventh time it went to the insurance-linked securities reinsurance markets to secure $575 million in coverage for the National Flood Insurance Program (NFIP). FEMA entered in a …

Newer, Elevated Structures Had Much Smaller Flood Claims in Ian, FEMA Says

Hurricane Ian caused extensive damage in southwest Florida, with more than 37,000 National Flood Insurance Program claims, making it the fourth-most expensive flood disaster in U.S. history, says a new report from the Federal Emergency Management Agency. As other studies …

FEMA Adds Nearly $620M to Reinsurance Program

FEMA announced that the agency is transferring $619.5 million more of the National Flood Insurance Program’s financial risk to the private reinsurance market as part of its 2024 reinsurance placement. The 2024 reinsurance placement covers portions of NFIP losses above …

Louisiana, 9 Other States Ask Federal Judge to Block Increases in National Flood Insurance Program

NEW ORLEANS (AP) – Increases in federal flood insurance premiums that are projected to surpass 700% over the coming years are already leading people to back out of home purchases and will likely lead to an exodus of residents and …

Horseshoe Beach Hopes to Rebuild After Idalia, But Most Had No Flood Insurance

HORSESHOE BEACH, Fla. (AP) — This remote seaside enclave known as “Florida`s Last Frontier” took much of the pounding from Hurricane Idalia when it struck the state`s west coast as a Category 3 storm last week. The damage left behind …

Federal Reserve Fines Alabama Bank $3M for Flood Insurance Monitoring Issues

The Federal Reserve Board has fined Regions Bank, based in Birmingham, Alabama, almost $3 million for failing to ensure that borrowers maintained flood insurance on their properties. The board did not detail the violations, but a consent order signed this …

Private Flood Insurers See Opportunity as NFIP Increases Rates

While the National Flood Insurance Program (NFIP) rolls out a new rating program generating premium increases for many policyholders, the private flood insurance market has seized the opportunity to grow its market share across the U.S., according to an issues …

Mayfield, Kentucky, Hit by Floods 18 Months After Devastating Tornado

Parts of Kentucky cannot seem to catch a break from extreme weather events. Some 18 months after a powerful tornado ripped up much of downtown Mayfield, in southwestern Kentucky, heavily damaging businesses, homes, churches and a few insurance agencies, the …

Senator Says DeSantis’ Veto of Flood, Other Projects is Political Retaliation

Florida Gov. Ron DeSantis has vetoed flood-control and other measures in central and west Florida and at least one Republican claims that it was retaliation for his support for the governor’s rival in the 2024 presidential race. State Sen. Joe …