flood insurance News

Insurers Dive into Private Flood Coverage

Recent hurricanes have highlighted the flood insurance gap. Hurricanes Harvey, Irma and Maria caused a record $135 billion in damages, according to Munich Re estimates. Remarkably, less than half were insured losses. “There were a lot of losses that occurred …

Senate Votes for 4 Month Extension of Flood Insurance Program

The Senate voted Tuesday to extend for four months the program that provides flood insurance for nearly 5 million homeowners and business owners. The bill’s passage by an 86-12 vote averts a scenario in which people living in coastal communities …

Flood Damage Caused by Hurricane Harvey Boosts Insurance in Texas

Little more than two months before Hurricane Harvey slammed the Gulf Coast of Texas, Alberto Castaneda let his home’s flood insurance lapse. He had never filed a claim on the policy in 10 years and he needed the extra cash …

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 …

The Move to a Private U.S. Flood Insurance Market

Continued concern with the viability of the National Flood Insurance Program (NFIP) has led to growing interest in a private flood insurance market. For the first time last year, the Federal Emergency Management Agency (FEMA) entered into a reinsurance agreement …

Oregon City’s Businesses Frustrated by Delayed Flood Maps

For the past two years, Cheri Lerma of Cheri’s Cafe & Cannon Beach Cookie has spent almost $10,000 on flood insurance she knows she doesn’t need. As a part of a countywide study by the Federal Emergency Management Agency, preliminary …

Over 20% of U.S. Properties at Risk for Flood Not in Designated Flood Zones

An estimated 23 percent of residential and commercial properties in the U.S. are at High or Moderate risk of flooding, based on CoreLogic proprietary flood analysis, but are outside of designated Special Flood Hazard Areas (SFHA) as identified by the …

House Passes Bill to Renew NFIP

The House on Tuesday backed legislation that will increase flood insurance premiums for many property owners to help firm up a program under stress from ever-more frequent and powerful storms. The bill’s passage was secured when sponsors made a variety …

Trump Signs $36.5B Emergency Aid Bill for Disasters

President Donald Trump signed a $36.5 billion emergency aid measure on Thursday to refill disaster accounts, provide a cash infusion to Puerto Rico and bail out the federal flood insurance program. The president signed the bill after the Senate sent …

FEMA Insurance Chief Says Harvey NFIP Losses Could Reach $11B

The head of the National Flood Insurance Program said Wednesday early estimates show Hurricane Harvey will result in about $11 billion in payouts to insured homeowners, mostly in southeast Texas. That would likely put Harvey as the second costliest storm …