[ORIGINAL MARCH 1 POST]: Nothing to panic about (we don’t think), but the US Senate failed to pass a reauthorization of the National Flood Insurance Program (NFIP). As a result, the NFIP officially expired last night. FEMA, meanwhile, released an announcement last Friday expressing its confidence that the program will be reauthorized when the Senate […]
Tag Archives | Insurance
Top 10 Reasons to Buy Flood Insurance NOW
Posted on February 25, 2010
While this list was written by FEMA for the general public, most of it applies to your municipal properties, too (and it’s not a bad outreach tool, either). The Top Ten Reasons to Buy Flood Insurance Now Spring flooding is almost here and there is a 30-day waiting period before coverage begins. Coverage is relatively […]
State Farm to Drop 125,000 Policies in Florida
Posted on February 4, 2010
Approximately 125,000 of State Farm’s “most vulnerable customers” in Florida should brace themselves to receive some potentially bad news: their policies with State Farm Insurance are being cancelled. MSNBC and others are reporting that State Farm Florida will be canceling policies for nearly a fifth of its clients, most of them in coastal areas. It […]
Hurricane Damage Prediction Tough, Even for Insurance Companies
Posted on January 21, 2010
A report released yesterday finds that short-term hurricane damage models, designed to project insured losses in the United States from Atlantic hurricanes for the past five-years, have significantly overestimated losses for the cumulative 2006 through 2009 seasons. From the press release: “This latest study further supports our previous findings that a short time horizon is […]
FEMA Wants to Know What You REALLY Think About the NFIP
Posted on November 18, 2009
Since Congress created it in 1968, the National Flood Insurance Program (NFIP) has helped provide affordable flood insurance to millions of people. The program was designed as both a carrot and as a stick: while it allows many to purchase relatively inexpensive flood insurance, it requires communities to adopt and enforce a floodplain management ordinance […]
Summary of Changes to NFIP
Posted on October 15, 2009
For those of you involved in flood insurance, here’s a summary from FEMA of the latest changes to the NFIP: On October 1, 2009, important changes to the National Flood Insurance Program (NFIP) will take effect. There will be an increase in rates, the standard deductibles, and the basic insurance limits. These combined changes will […]
North Carolina Amends Innovative Beach Plan
Posted on September 3, 2009
The latest newsletter from the Institute for Business and Home Safety reports on some of the more forward-thinking innovations in the recently passed amendments North Carolina Beach Plan, including some interesting building code and insurance revisions: Legislation that amends North Carolina’s state-funded coastal insurance plan, known as the Beach Plan, was recently signed by Gov. […]
US House Gives NFIP 6-month Extension
Posted on August 1, 2009
The U.S. National Flood Insurance Program (NFIP) would see a six month extension under a bill approved by the House of Representatives on Wednesday, delaying further efforts to fix the troubled program. Without this extension, the NFIP would expire this September. The NFIP temporary extension measure will go next to the Senate for a vote. […]
New Cape Cod Flood Maps Project Greater Risk
Posted on June 2, 2009
An article in the Cape Cod Times today reports the results, and some thoughts, on the preliminary revisions of FEMA Flood Insurance Rate Maps (FIRMs) for some Cap Cod Communities. For anybody who has been following the issue anywhere along our nation’s coastlines, it’s not surprising to see that rates are expected to increase. It’s […]
FEMA Moves Towards Digital-Only FIRMs
Posted on May 18, 2009
FEMA has announced that beginning on or after October 1, 2009, it will provide only a single paper Flood Insurance Rate Map (FIRM) and Flood Insurance Study (FIS) to each community when their maps are updated, and will convert all other distribution of maps and FIS reports for digital delivery. FEMA will continue to provide […]