Homeowners Choice Property & Casualty Insurance Co., Inc., a Florida based provider of admitted homeowners insurance and wholly-owned insurance subsidiary of HCI Group, Inc., is now selling flood insurance to existing customers in Florida. Many Florida residents have seen a …
New technologies and a better understanding of flood risk may have increased private insurers’ interest in providing flood insurance but real obstacles remain to the private sector getting involved. The obstacles include political and consumer resistance to full cost-based pricing …
Had Greg Larson, a realtor and riverside homeowner in Bismarck, N.D., and his family changed their flood insurance policy, their cost would have gone from $705 a year to $4,200. Increases in flood insurance rates are making some of Bismarck-Mandan’s …
The Senate (72-26) yesterday joined the House of Representatives (359-67) in passing a $1.1 trillion compromise omnibus spending bill that contains a delay for an estimated one quarter of those facing flood insurance premium increases triggered by the Biggert-Waters Flood …
A survey conducted at the Insurance Information Institute’s Property/Casualty Insurance Joint Industry Forum in New York Tuesday asked industry leaders for their outlook on 12 topics — ranging from the Terrorism Risk Insurance Act and the Biggert-Waters Flood Insurance Reform …
The $1.1 trillion government funding agreement unveiled by Congressional negotiators on Monday includes language to postpone for about eight months some of the flood insurance rate hikes triggered by reforms passed in 2012. But the budget language does not go …
Opponents of delaying Biggert-Waters flood insurance reforms and stopping the resulting premium hikes say the negative effects are being exaggerated and instead of gutting all of the reforms, Congress should target its fix, including using means-testing, to those who most …
Members of the Massachusetts Congressional delegation, led by Congressman Bill Keating, recently sent an open letter to the Federal Emergency Management Agency (FEMA). The lawmakers argued in their letter that when FEMA established the new flood maps for Massachusetts, it …
Massachusetts’ top insurance regulator recently spoke about the state of the insurance industry in Massachusetts, with topics ranging from the auto insurance marketplace and the Biggert-Waters Flood Insurance Reform Act to Boston bombing insurance claims. Speaking at the Massachusetts Association …
A new report this week from the Union of Concerned Scientists, a watchdog group, warns that sea level rise and worsening storm surge are increasing both the risks of flooding in coastal communities and the potential for large costs borne …
