March 26, 2014
There’s no easy fix for the National Flood Insurance Program, now drowning in a $24 billion sea of red ink. But experts and advocates say Congress does have some options that could make the troubled program financially stable, more affordable …
March 10, 2014
The West Virginia House last Friday in a 86-8 vote passed a bill authorizing private insurers to sell flood insurance and setting out guidelines for regulation of the policies. The bill, SB 621, had previously passed the Senate 34-0 on …
March 6, 2014
As federal subsidies for flood insurance are reduced and the cost of government provided insurance goes up, the demand for private flood coverage could also rise, according to Fitch Ratings. However, it remains to be seen if the private reinsurance …
February 18, 2014
West Virginia state Senator Rocky Fitzsimmons (D-Ohio) has introduced a bill that would authorize private insurers to offer flood insurance in West Virginia. Since federal law changes in 2012, some West Virginians have experienced significant increases in flood insurance premiums …
February 3, 2014
A private flood insurance provider has stepped into Connecticut’s market, the first time homeowners along the shoreline battered by Superstorm Sandy have an alternative to increasingly costly federal insurance. The Flood Insurance Agency of Gainesville, Fla., is offering flood insurance …
January 24, 2014
New technologies and a better understanding of flood risk may have increased private insurers’ interest in providing flood insurance but real obstacles remain to the private sector getting involved. The obstacles include political and consumer resistance to full cost-based pricing …
October 15, 2013
Five federal regulatory agencies are considering a rule that could boost sales of private flood insurance. The proposal would require lenders to accept private flood policies to satisfy the mandate that certain homebuyers in flood hazard areas purchase flood insurance. …
November 16, 2012
More businesses are expressing interest in purchasing flood insurance coverage from the National Flood Insurance Program (NFIP) in the wake of Superstorm Sandy’s heavy rain, record storm surge, and resulting widespread flood damage, according to insurance broker Marsh. Although most …