NFIP News

FEMA Says Flood Insurance Rates Going up Again This Year

Flood insurance premiums will rise again this year, according to federal officials. The Federal Emergency Management Agency said flood premiums will jump about 8 percent, the Asbury Park Press reported. The average flood policy will cost $935 annually, up from …

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 …

California Town Will Most Likely Consider Future Floods When it Rebuilds

After power and drinking water return, and cleanup crews haul away the last of the boulders and muck that splintered homes like a battering ram, the wealthy seaside hideaway of Montecito, California, will start rebuilding with the possibility of another …

FEMA Reflects on Historic Year of Catastrophes

2017 will be a year remembered for the catastrophic disasters that resulted in 59 major disaster declarations, 16 emergency declarations and 62 Fire Management Assistance Grant declarations, across more than 35 states, tribes and territories, according to a recent Federal …

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: End Flood Insurance for New Homes Built in Flood-Prone Areas

President Donald Trump proposed ending federal flood insurance for new homes in areas most at risk of flooding, a change that could curtail new construction in vast parts of Florida, Louisiana and along the Eastern Seaboard. Trump’s plan would radically …

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 …

Many Harvey Flood Victims Will Have to Pay Out of Pocket for Home Repairs

Homeowners suffering flood damage from Harvey are more likely to be on the hook for losses than victims of prior storms – a potentially crushing blow to personal finances and neighborhoods along the Gulf Coast. Insurance experts say only a …

Bond Bailout Could Plug Flood Financing Hole

The images from Houston, Texas, in the aftermath of Hurricane Harvey are horrific and heartbreaking, with homes fully submerged and residents being rescued by boats and helicopters. And that’s just the physical toll. Many residents of the fourth-largest U.S. city …