National Flood Insurance Program (NFIP) 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 …

Federal Flood Insurance Gets Another Short Extension

Once again, the government’s flood insurance program has been given a short lease on life. On February 9, 2018, President Donald Trump signed legislation passed by both houses of Congress that extends the National Flood Insurance Program’s authorization to March …

Keeping Flood Insurance Above Water: Commentary

With the National Flood Insurance Program (NFIP) currently set to expire on February 8, and many communities still recovering from this summer’s hurricanes, it’s no surprise that the 21st Century Flood Reform Act has passed the House and moved to …

Verisk’s ISO Personal Lines Program Targets $40 Billion Private Flood Insurance Market

Things just got a bit easier for private personal lines insurance carriers wanting to enter the flood insurance market. Through its ISO subsidiary, data analytics firm Verisk has launched a new personal lines flood insurance program that is designed to …

FEMA Expands Flood Reinsurance Program with Private Reinsurers for 2018

The Federal Emergency Management Agency (FEMA) has completed a reinsurance placement with 28 private reinsurers to help the National Flood Insurance Program (NFIP) recover losses it may have to pay in 2018. Expanding on its first private reinsurance placement last …

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, …

Deadline for Louisiana Flood Insurance Proof of Loss Is Dec. 31

The end of the year deadline for National Flood Insurance Program (NFIP) policyholders affected by the flooding in August 2016 of South Louisiana is fast approaching. After six extensions, the deadline for the filing of proof of loss documentation to …

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 …

House Passes Flood Insurance Program Extension with Reforms

The House of Representatives on Tuesday voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills that reauthorizes the National Flood Insurance Program (NFIP) until 2022 and introduces various reforms. The fate …

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. …