NFIP News

State Farm to Pay $100 Million to Federal Government for Hurricane Katrina Claims

State Farm Fire and Casualty Co. and two former claims-adjuster sisters, who more than 16 years ago filed a lawsuit claiming the insurer committed fraud against the government’s National Flood Insurance Program following Hurricane Katrina, have settled. According to documents …

Wright to Pick Up United P&C’s Flood Book in July

Wright National Flood Insurance Co. has announced it will take over United Property & Casualty’s flood insurance book of business, starting in the third quarter of this year. The move, still subject to review by the Federal Emergency Management Agency, …

Flood Rating 2.0 Begins April 1 for NFIP Renewals, Hiking Premiums for 2 Million Homes

Starting April 1, property owners in low-lying areas across the country will see their premiums increase when they renew their flood insurance policies, thanks to the federal government’s new flood-risk rating system. Some policyholders could see premiums drop under Risk …

Think Tank Urges Flood Insurance Program to Stop Enabling Building in High Risk Areas

The threat of sea-level rise should force policymakers to rethink policies that encourage development in flood-prone regions. One place to start is with the National Flood Insurance Program (NFIP), according to the Washington, D.C. free market think tank R Street. …

The Lowdown: 2019 Private Flood Insurance Report

The big day is coming! I suspect by now, you’ve heard a great deal about the implementation of provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, requiring regulated institutions to accept certain private flood insurance policies in addition …

A.M. Best: Insurers Equipped to Handle Hurricane Lane Losses

A.M. Best is expecting Hurricane Lane to be considered more of a flood event than a wind event. As a result, the storm that buffeted Hawaii should bring a potential triggering of the National Flood Insurance Program’s reinsurance program into …

How About a Real NFIP Renewal for Once

I wanted to write something this week about some piece of policy minutia. I had about 500 words written when I realized that it wasn’t going to happen. So, I set that aside and gave in to what was really …

I Heard There Might Be Opportunity “In-Land”

“According to CoreLogic, a leading source for flood and disaster risk data, approximately 70 percent of the flood damage from Hurricane Harvey was uninsured….” states Clearsurance in their recently released a report on results of a survey conducted to identify …

IIAV ‘Redoubling’ Hurricane Preparedness Efforts Since Following Harvey’s Texas Impact

The Independent Insurance Agents of Virginia (IIAV) is motivated to “redouble its efforts” around hurricane preparedness, particularly as it relates to flood damage, since following Hurricane Harvey’s impact in Texas, according to President and CEO Robert Bradshaw in an emailed …

California May Exit Federal Flood Program, According to Reports

After learning a lesson from what could have been the largest dam disaster U.S. history, California officials are reported to be considering withdrawing from the National Flood Insurance Program. Capital Public Radio is reporting that a proposal to exit the …