Mississippi has quietly settled its lawsuit against State Farm Fire and Casualty Co. for allegedly minimizing its Hurricane Katrina payments to policyholders, leaving the state to compensate homeowners. The settlement says the $12 million payment represents “restitution for damage, which …
The Federal Emergency Management Agency is exploring how to continue issuing new flood insurance policies after earlier saying that it would halt the practice during the partial government shutdown, leading to a backlash from lawmakers and realtors. The agency is …
Floodwaters rose about 15 inches (40 centimeters) into Danielle Rees’ home in September when Hurricane Florence drenched this tidewater city on the Pamlico River and overwhelmed a local creek and marshland. The first floor was a sopping mess of gritty, …
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 …
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 …
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 …
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 …
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 …
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 …
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 …