All articles tagged with #flood insurance
Originally Published 3 months ago — by Politico
The National Flood Insurance Program (NFIP) risks lapsing if Congress doesn't pass a funding extension, which would halt new policies and disrupt about 1,300 property sales daily, especially problematic during hurricane season, potentially impacting the housing market and requiring bipartisan action to prevent a shutdown.
Originally Published 7 months ago — by NPR
The article provides practical tips for residents in hurricane-prone areas to prepare their homes for flooding, emphasizing the importance of understanding climate change impacts, using flood-resistant building materials, elevating homes, and securing flood insurance to mitigate damage and costs.
Originally Published 2 years ago — by Live 5 News WCSC
The South Carolina Association of Realtors is urging homeowners to secure flood insurance policies before a potential government shutdown, as the National Flood Insurance Program (NFIP) could be affected. The NFIP provides affordable flood insurance for over 200,000 people in South Carolina, with Charleston County being the most affected. If a new funding bill is not passed and signed by Saturday, the NFIP will not be able to sell or renew policies, although existing policies will remain in effect. The potential lapse in coverage during hurricane season could delay homebuyers' plans and impact the real estate market.
Originally Published 2 years ago — by NBC News
Florida's insurance industry is facing uncertainty as the state deals with the aftermath of Hurricane Idalia. The frequency of powerful storms in recent years has caused insurance policy costs to skyrocket, with an average home premium in Florida being around $6,000 per year compared to the national average of $1,700. Several insurers have left the state, leaving homeowners with limited options and potentially higher premiums. Additionally, the lack of flood insurance coverage is a major concern, as most homeowners or hurricane policies do not cover flooding, leaving many vulnerable to significant out-of-pocket costs for damage.
Originally Published 2 years ago — by CNN
Devastating floods in New York have highlighted the importance of flood insurance, with only four property owners in the affected town having active policies. Flood insurance protects against damage caused by flooding and is not typically included in homeowners insurance. In the US, the Federal Emergency Management Agency (FEMA) provides flood insurance through the National Flood Insurance Program (NFIP), with coverage capped at $250,000 for building damage and $100,000 for contents. Private flood insurance options offer more coverage and higher limits. While FEMA flood insurance is available to all property owners, those in higher risk areas may be required to purchase a plan. Inland flooding is just as frequent as coastal flooding, and homeowners insurance typically excludes flood coverage. The decision to get flood insurance should be based on risk assessment, as flooding can occur anywhere and for various reasons.
Originally Published 2 years ago — by CBS News
Louisiana and nine other states filed a lawsuit against the federal government to block sharp increases in national flood insurance rates that are slated to be phased in over the coming years, saying the steeper price could cost some people their homes and businesses. FEMA has said its new premium system is an improvement over past methods, but Louisiana officials have been complaining for months about the coming rate hikes, saying they could impose impossible financial burdens on some in the state. Increases are capped at 18% annually, but when they are fully implemented, some residents will be paying significantly more.
Originally Published 2 years ago — by NPR
Ten US states and dozens of municipalities are suing FEMA over rate hikes in the National Flood Insurance Program, which offers coverage in high-risk flood areas. The lawsuit seeks to block the higher premiums resulting from FEMA's new Risk Rating 2.0 pricing plan, which went into effect in April and will result in rate increases that will average more than 100% in coastal states like Louisiana and Florida. The plaintiffs argue that FEMA is not properly taking into account community flood mitigation efforts and has exceeded its authority.