FEMA has released a list of all communities scheduled to have new Flood Insurance Rate Maps (FIRMs) go active during 2010. WARNING: the list isn’t particularly reader-friendly. I’d recommend downloading it, then doing a search for the name of your community in the document. If it appears, look at the top of the table on […]
Tag Archives | Insurance
National Flood Insurance Program Expires (Again)
Posted on April 1, 2010
At the same time that parts of New England are threatening to float away from record-breaking floods, Congress allowed the National Flood Insurance Program to expire for the second time this year. As legislators won’t be reconvening until April 12th, the program looks likely to sit in limbo for a couple of weeks (at least). […]
National Flood Insurance Program Expires [UPDATED]
Posted on March 11, 2010
[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 […]
Insurer to Offer Discount for Strengthening Against Wind Damage
Posted on March 3, 2010
The Sun Herald is reporting that State Farm will offer discounts of up to 30% to policyholders who strengthen their homes against wind damage. From that short article: Mississippi Insurance Commissioner Mike Chaney said Tuesday that he has approved State Farm’s plan to offer the mitigation discounts. They would apply to new construction and retrofits […]
New Insurer Enters Southern Mississippi Wind Insurance Market
Posted on March 1, 2010
WLOX is reporting that Safeco Insurance will now be offering wind insurance in southern Mississippi. Straight from their site: There will soon be one more option for Mississippi homeowners looking for insurance coverage. Mississippi Insurance Commissioner Mike Chaney announced Monday that Safeco Insurance plans to offer homeowners insurance, including wind coverage, right down to the […]
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 […]