National Flood Insurance Program (NFIP) News

FEMA Contractors Not Liable for Misrepresentations About Flood Risk

The North Fork of the White River in southern Missouri is a nationally known fly-fishing destination, teeming with brown and rainbow trout. The stream is fed from underground springs in the Ozark Mountains, keeping its waters cool on hot summer …

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 …

Wright National to Acquire Federal Flood Policies of Westfield Insurance

Wright National Flood Insurance Co. said it will acquire the current flood insurance book of business from Westfield Insurance Co. and will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents going …

Businesses Can Expect to Spend $13.5 Billion on Repairs Due to Flooding in 2022

A new report estimates that U.S. businesses could spend about $13.5 billion in 2022 to repair or replace flood-damaged commercial buildings. The same report finds that businesses could lose more than 3.1 million days of operation from flooding next year. …

U.S. Senators See ‘Actuarial Disaster’ on the Horizon with Flood Risk Rating 2.0

U.S. senators from coastal states are predicting “an actuarial disaster” in the future once FEMA’s new flood insurance rating systems goes into full swing. In a press call on Sept. 30, Louisiana Sen. Bill Cassidy and New Jersey Sen. Bob …

Michigan DIFS Expects New Flood Insurance Rating System to Lower Costs in the State

The Michigan Department of Insurance and Financial Services (DIFS) said the National Flood Insurance Program (NFIP) estimates that under its new rating system more than 52% of Michigan flood insurance policies will see immediate savings once the program begins. The …

Rates to Rise for Millions of Homeowners Under National Flood Insurance Program

The federal government Friday rolled out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland communities alike. The Federal Emergency Management Agency in …

Flood Insurance Program Expires Tomorrow Unless Congress Acts

As Democrats and Republicans in Washington continue to haggle over government debt and spending, federal flood insurance is among the programs facing disruption. Without renewed funding, a government shutdown would begin after the end of the fiscal year tomorrow, Sept. …

Private Flood Insurance Market Small But May Grow With New NFIP Rating: AM Best

The country’s flood insurance market is slowly transitioning toward private insurers providing additional options to the federal government’s program for those seeking coverage, according to a new AM Best report. But private sector carriers are being selective, tending to avoid …

How New Flood Insurance Rating Will Affect Tennesseans

The Tennessee Department of Commerce & Insurance (TDCI) is raising awareness of recent changes to the National Flood Insurance Program (NFIP) that it says will raise flood insurance premiums for some Tennessee flood insurance consumers while for others, premiums will …