The risk of required and rising flood insurance premiums offered by the National Flood Insurance Program has been a proverbial gun to Minot’s head over the past several years. And one problem has been the Federal government’s insistence on using the NFIP for FHA-backed mortgages. It’s a policy that keeps the private insurance market from
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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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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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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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— 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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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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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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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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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