The fine folks over at Colorado State’s Natural Hazards Center have a neat summary of the National Flood Insurance Program’s Preferred Risk Policies program in their monthly newsletter. The short version? Property owners who find themselves newly mapped into high risk flood areas now have up to two years to apply for a Preferred Risk […]
Tag Archives | Insurance
Senate Passes 1-Year National Flood Insurance Program Extension
Posted on September 22, 2010
The US Senate agreed today to a one-year extension of the National Flood Insurance Program (NFIP). The House (which has already approved a five-year extension) is expected to adopt the Senate extension. This is obviously a short-term fix, but given that the program has expired four times this year alone, it’s still welcome news.
Hurricane Earl and Erosion Take Nantucket House
Posted on September 20, 2010
This month’s hurricane dealt a final blow to a long-threatened waterfront house on Nantucket. Reflecting a national trend, the owner’s daughter compares town officials to “ostriches, with their heads buried in their hands” [sic]. Town says “Erosion is a fact of life when you live on an island. I don’t think there’s an overwhelming problem […]
White House Opposes Multiple Peril Insurance Bill [UPDATED]
Posted on July 22, 2010
The White House released a statement today saying that it would not support the expansion of the National Flood Insurance Program to cover wind damage. Such a move would likely do no good, the statement explains, because the government’s rates would be comparable to current market prices. The whole statement: EXECUTIVE OFFICE OF THE PRESIDENT […]
It's Back . . . Senate Reauthorizes National Flood Insurance Program (NFIP)
Posted on July 1, 2010
From the bright and informed folks over at the Association of State Floodplain Managers: As part of a unanimous consent agreement last night, the Senate cleared a measure (HR 5569) that would extend the authorization of the National Flood Insurance Program until September 30, 2010. It was previously passed by the House, so it will […]
Federal Flood Insurance Will Cover Flood-Related Oil Damage [FEMA Memo]
Posted on June 11, 2010
FEMA has released a memo clarifying that in the event of a declared flood disaster, National Flood Insurance Program (NFIP) coverage will apply even if oil is mixed with flood waters. The brief memo suggest that the NFIP will bill the party that caused the oil damage (in this case, British Petroleum) for the damages. […]
Editorial Advises Better Planning and Building, NOT the Ike Dike
Posted on May 28, 2010
A new Houston Chronicle article argues that building the so-called “Ike Dike” will put more, not less people and property at great risk, and that the best way to protect property from hazards is to keep them out of hazardous areas. In “Forget the Ike Dike, let’s improve building methods” Texas A&M professor John Jacob […]
Governor Requests Additional Flood Assistance for Impacted Communities
Posted on April 16, 2010
A new press release from MEMA (emphasis added): Governor Patrick Requests Additional Flood Assistance for Impacted Communities Thursday, April 15, 2010 – Governor Deval Patrick has made a request to President Obama to declare a Major Disaster Declaration for Public Assistance and Hazard Mitigation in order to expedite financial aid to the local cities and […]
When Are My New Flood Insurance Rate Maps (FIRMs) Going to be Ready?
Posted on April 2, 2010
FEMA has released a list of all communities scheduled to have new Flood Insurance Rate Maps (FIRMs) go active during 2010. WARNING: the list isn’t particularly reader-friendly. I’d recommend downloading it, then doing a search for the name of your community in the document. If it appears, look at the top of the table on […]
National Flood Insurance Program Expires (Again)
Posted on April 1, 2010
At the same time that parts of New England are threatening to float away from record-breaking floods, Congress allowed the National Flood Insurance Program to expire for the second time this year. As legislators won’t be reconvening until April 12th, the program looks likely to sit in limbo for a couple of weeks (at least). […]