Congress Is Likely to Delay Flood Insurance Overhaul, Again

The National Flood Insurance Program is set to expire on May 31st. It’s the latest deadline in a long series of short-term extensions, but the clamor to overhaul the system is growing. Catch up with the full political picture in this article from Scientific American.

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National Flood Insurance Program Rate-Setting Should be Overhauled, National Research Council Says

A report by the National Research Council of the National Academy of Sciences recommends recognizing the flood risk reduction provided by non-accredited levees. If adopted, the changes might reduce large rate increases set to take effect in the coming years. Full story from the Times-Picayune.

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Alberta: 2013 Flooding Inspired Overhaul of Flood Insurance

In Alberta, private insurers have figured out how to provide flood insurance using technology that allows them to assess the risk for each individual property. Get the breakdown on coverage amounts and costs in this article from the Calgary Herald.

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Hoeven Working to Reduce Cost of Flood Insurance

— Official News Release, Senator Hoeven — During a recent Senate hearing, Senator John Hoeven urged Federal Emergency Management Agency (FEMA) Administrator Craig Fugate to help control the cost of flood insurance by working closely with local communities to ensure the agency’s flood plain mapping process considers ongoing efforts to build permanent flood protection. Hoeven

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Federal Flood Insurance Premiums for Homeowners Rise as Much as 25 Percent

Flood insurance premiums are on the rise in an attempt to keep the federal program from sinking deeper into debt. This article from the New York Times has a short Q & A at the end.

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Canada: Flood of Flood Insurance on Horizon

As opposed to the U.S.’s federal flood insurance, this is a private company stepping into the game. Flood prone residents near Winnipeg are skeptical they’ll qualify, but it’s an encouraging trend in the world of flood insurance none the less.

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Flood Insurance Premiums to Change – KXNet.com – Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Federal Flood Insurance premiums will be on the rise nationally by 15%-18% this year and likely for a few years in the future as well. Bonnie Campo of KX News delivers the details in an interview with a FEMA representative.

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States Begin Taking Action on Flood Insurance

The National Flood Insurance Program is $20 billion in debt, and large premium increases have some states looking to buy up and buy out their highest risk properties rather than continually. The article provides context for why flood insurance premiums are rising.

Read & Share   sourced from: AL.com