federal flood insurance News

Why Coastal Living Is Becoming Affordable for Only the Rich

When Hurricane Irma reached Florida’s Big Pine Key in September, it caused the floor of Terry and Sharon Baron’s cream-colored mobile home to collapse. On Marathon Key, twenty miles north, the winds lifted Diane Gaffield’s mobile home off its concrete …

How Insurance Brokers, Risk Managers View the Political Dysfunction in Washington

Congress is headed for a “major showdown” over the flood insurance program, according to an insurance broker lobbyist who notes that the program expires July 31, right in the middle of hurricane season. That also happens to be the very …

Federal Flood Insurance Average Premium to Rise 8%

A typical premium charged by the National Flood Insurance Program is slated to rise about eight percent in the coming year, with the estimated average premium going from $866 to $935. When various surcharges are added, the total average amount …

Federal Flood Insurance Renewed Through July But Reforms Stall

Advocates who have been pushing for renewal of the U.S. federal flood insurance programs in the wake of last year’s devastating hurricanes and floods praised Congress for extending the program through July 31. But advocates remained concerned that Congress has …

Keeping Flood Insurance Above Water: Commentary

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 …

Disasters Affected 8% of U.S. Population in 2017, FEMA Notes in Review of Historic Year

The Federal Emergency Management Agency (FEMA) supported 59 major disaster declarations and 16 emergency declarations in 2017, a year during which unprecedented disasters affected more than 25 million Americans, almost eight percent of the U.S. population. In its year-end review, …

Special Reuters Report: The High Cost of Building in High Flood Risk Areas

When Hurricane Harvey sent two feet of water rolling into this small community about 35 miles north of Houston, Alfredo Becerra had to flee his modest 1,500-square-foot house. Muddy floodwater submerged the furniture and ruined carpet inside the construction worker’s …

House Passes Flood Insurance Program Extension with Reforms

The House of Representatives on Tuesday voted 237-189 to pass the 21st Century Flood Reform Act (H.R. 2874) – a package of seven bills that reauthorizes the National Flood Insurance Program (NFIP) until 2022 and introduces various reforms. The fate …

Congress Prepares to Address Flood Insurance Overhaul Again

The latest attempt to overhaul the U.S. federal flood insurance program hit a stumbling block, but a coalition of business and environmental groups renewed its push on Wednesday for lawmakers to enact an overhaul before the program expires on Dec. …

Senate Joins House in Passing $36.5B Disaster Aid with Flood Insurance Funds

The Senate sent President Donald Trump a $36.5 billion hurricane relief bill Tuesday that gives Puerto Rico access to $4.9 billion in low-interest Treasury loans, amid concerns that recovery efforts from the recent disasters will require significantly more funding. The …