National Flood Insurance Program (NFIP) News

Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses

If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times to cover the risk …

Over $115M in Federal Flood Insurance Paid in Louisiana for 2020 Hurricanes

As of Feb. 1, the National Flood Insurance Program (NFIP) has paid out more than $115 million in flood claims in Louisiana in response to the 2020 hurricane season. That figure is up from the $110 million in NFIP payments …

Keeping Up with Changes in Florida’s Growing Private Flood Market

Flooding is America’s number one natural disaster and as the highest “at risk” state in the country, Florida is the epicenter for all things flood insurance. Since 1968, when procuring flood insurance, agents and homeowners have had virtually one option: …

Viewpoint: How the Northeastern U.S. Private Flood Market Can Close the Coverage Gap

The northeastern U.S. is one of the key areas of the country at risk for flooding, as evidenced by the billions in losses from Superstorm Sandy, which saw more than $8.1 billion in 144,000 NFIP (National Flood Insurance Program) claims. …

South Carolina Passes Flood Insurance Law to Boost Private Market

The state of South Carolina is aiming to foster new flood insurance coverage options through the enactment of the South Carolina Private Flood Insurance Act. South Carolina Gov. Henry McMaster signed the legislation, passed Sept. 23 by state lawmakers, into …

Trump Signs Stopgap Government Funding Measure with 1 Year Flood Insurance Renewal

President Donald Trump signed a funding measure that will keep the federal government running until Dec. 11. The continuing resolution (HR 8337), which the House passed last week 359 to 57, was approved by the Senate in a 84-10 vote …

NFIP’s Flood Losses Expected to Be ‘Significant’ from Hurricane Sally: AM Best

Hurricane Sally is not expected to cause a major insurance loss – compared to events such as the ongoing wildfires in California, Oregon, and Washington, or Hurricane Laura, according to AM Best. As the storm was more of a flood …

Tracking Tool Spotlights Repetitive Flood Loss Homes Receiving U.S. Taxpayer Funds

Passaic County in New Jersey is not in the hurricane belt nor is it on the banks of a major river, and yet 810 properties there received $170 million of taxpayer money through the National Flood Insurance Program (NFIP) since …

Neptune Flood Expands Coverage to Include All NFIP Classes

Neptune Flood, an AI-driven flood insurance company, has expanded its flood insurance products to now include all NFIP product types. Neptune, which has previously offered flood insurance for one to four family homes, and main street businesses, now offers a …

RMS Estimate: Insured Losses from Hurricane Hanna Won’t Exceed $400M

Catastrophe risk products and services company, Risk Management Solutions Inc. (RMS), has estimated that insurance losses in the U.S. from Hurricane Hanna will not exceed $400 million. This estimate represents insured losses associated with wind and storm surge, including losses …