Recently, the Federal Emergency Management Agency (FEMA) incorporated climate risk into the cost of flood insurance for the first time in their history which will dramatically increase the price of insurance for some homebuyers. Most currently policyholders will see their rates go up by at least 18 percent per year. The new risk assessment plan […]
On September 2, 2021, Parked cars in New Brunswick, New Jersey submerged underwater after Tropical Storm Ida. Hurricane Ida struck Louisiana as a category 4 hurricane with 150 mile an hour winds and days later hit New Jersey, New York, and other states with a massive amount of rain that has caused numerous flash floods, […]
If you are shopping for a new home, you should always check flood zone maps and ratings before putting in an offer to have a full understanding of the risks that your new home may face. A home located in a flood zone can be more expensive to insure as well as more likely to […]
This year President Biden is working to make flood insurance more affordable for low-income Americans. The recently released budget outlines a new program that would make $358 million available to support the effort next year. This money would be used to make flood insurance affordable for low-income families all over America. The program would help […]
Sunset on Lake Martin, Breaux Bridge, Louisiana. Recently, a Louisiana bill that is designed to make it easier for private insurers to offer flood insurance in the state was sent back to the House to look at amendments that were added by the Louisiana Senate. The House Bill 577 was introduced by Rep. Scott McKnight, […]
The Insurance Information Institute (III) recently released a new report entitled Flood: Beyond Risk Transfer. It predicts that major flood events will grow over the next 30 years, even though insurance and policymakers improve their abilities to reduce flood risks. “Our understanding of loss trends and expertise in assessing and quantifying risk must be joined at […]
A recent report by ValuePenguin looked at the new risk ratings that the Federal Emergency Management Agency’s (FEMA) will be using when determining premiums for flood insurance in the National Flood Insurance Program (NFIP). The report found that millions of homeowners could see noticeable increases in flood insurance costs. FEMA’s new rating system is called […]
Middle Tennessee has seen massive amounts of rainfall this winter and spring which has led to flooding issues across the area. As an example, Davidson County was recently hit with more than seven inches of rainfall, which resulted in the Nashville Fire Department have to rescue at least 130 people from vehicles, apartments and houses. […]
Recently, the Federal Emergency Management Agency (FEMA) released it pricing strategy for their “Risk Rating 2.0” pricing strategy. The new pricing will impact 5 million flood insurance policyholders and FEMA claims that two-thirds of older homes would see a decrease in premiums while most homeowners and businesses would only see a small increase. According to […]
According to a new report from research group First Street Foundation, hundreds of thousands of homeowners all across the U.S. would have to pay considerably more in flood insurance rates if the premiums accurately reflected the risk of the home instead of being federally subsidized. The report was issued as the Federal Emergency Management Agency […]