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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …