NFIP News

Slower Winds Means Florence May Cost Private Insurers Less

Hurricane Florence is likely to end up costing insurers far less than initially feared. Before making landfall, the storm weakened significantly, largely sparing the bigger inland population centers of the Carolinas. While Florence did wreak havoc with record flooding, private …

Assessing the Potential Impact of Hurricane Florence

Hurricane Florence may be just the first of several major storms to make landfall in the U.S. during hurricane season in 2018, but it’s impact will be significant. As of noon on Saturday, more than 30 inches of rain had …

Hurricane Florence Will Likely Expose Flood Insurance Gaps

The number of Americans with flood insurance is on the rise, yet Hurricane Florence is likely to make it painfully clear that too many homeowners in the Carolinas and other vulnerable regions remain unprotected. An analysis of federal flood insurance …

How Much Hurricane Damage Will it Take for Congress to Pass Flood Insurance Reform

U.S. taxpayers who spent billions of dollars after a trifecta of hurricanes last year are poised to do so again after a fix to the nation’s troubled flood insurance program remains stalled in Congress – and as a dangerous new …

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 …

Newspaper Probe Says Texas Isn’t Enforcing Flood Insurance Rules

Texas officials are struggling to enforce part of a flood insurance program that aims to elevate or remove severely damaged properties from flood plains, according to a newspaper investigation. The Houston Chronicle analyzed more than 36,000 insurance claims of properties …

Costlier Disasters Push U.S. to Buy Reinsurance

The federal government, seeking to protect itself from the growing cost of natural disasters, is borrowing a technique from the private sector and buying reinsurance. The Federal Emergency Management Agency, which started purchasing reinsurance last year for the National Flood …

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 …