As federal subsidies for flood insurance are reduced and the cost of government provided insurance goes up, the demand for private flood coverage could also rise, according to Fitch Ratings. However, it remains to be seen if the private reinsurance …
West Virginia state Senator Rocky Fitzsimmons (D-Ohio) has introduced a bill that would authorize private insurers to offer flood insurance in West Virginia. Since federal law changes in 2012, some West Virginians have experienced significant increases in flood insurance premiums …
A private flood insurance provider has stepped into Connecticut’s market, the first time homeowners along the shoreline battered by Superstorm Sandy have an alternative to increasingly costly federal insurance. The Flood Insurance Agency of Gainesville, Fla., is offering flood insurance …
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 …
Five federal regulatory agencies are considering a rule that could boost sales of private flood insurance. The proposal would require lenders to accept private flood policies to satisfy the mandate that certain homebuyers in flood hazard areas purchase flood insurance. …
More businesses are expressing interest in purchasing flood insurance coverage from the National Flood Insurance Program (NFIP) in the wake of Superstorm Sandy’s heavy rain, record storm surge, and resulting widespread flood damage, according to insurance broker Marsh. Although most …
