Congress must periodically renew the NFIP’s statutory authority to operate. On Dec. 21, 2018, the President signed legislation passed by Congress that extends the National Flood Insurance Program (NFIP) authorization to May 31, 2019.… Continue Reading
I recently wrote about the short-term extension that halted the potential expiration of the National Flood Insurance Program (NFIP) set for November 30, 2018. Following that post, the NFIP was extended by Congress until December 21, 2018, and a lapse was averted.… Continue Reading
August 1, 2018, commemorates the 50th anniversary of the National Flood Insurance Act of 1968. The National Flood Insurance Program (“NFIP”) will expire on July 31, 2018, unless it’s reauthorized by Congress in the next few days.… Continue Reading
Currently, policies of insurance for flood, even if purchased through your insurance agent or normal insurance company, are Federal Flood Insurance Policies issued through the National Flood Insurance Program, if your community is participating in the NFIP. Because the program is federally subsidized, homeowners on floodplains are able to purchase the polices at rates much … Continue Reading
It’s not an April Fools’ joke; flood insurance premiums will begin to increase today. The increased premiums are happening now as part of the Flood Insurance Relief Bill that was signed last year in response to the increased flood premiums that were being sent to policyholders under the Biggert-Waters Flood Insurance Reform Act of 2012.… Continue Reading
In my post last week, I mentioned that the National Flood Insurance Program will implement certain changes which go into effect on June 1, 2014. The changes are primarily a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The Federal Emergency Management Agency (FEMA) published a summary of the changes in WYO … Continue Reading
The National Flood Insurance Program will implement certain changes which go into effect on June 1, 2014. The changes are primarily as a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). The Federal Emergency Management Agency (FEMA) published a summary of the changes in WYO Bulletin W-13070, dated December 16, 2013.1… Continue Reading
Homeowners in many areas will be hit hard as flood insurance rates skyrocket as a result of the Biggert-Waters Flood Insurance Reform Act, and Pinellas County has approximately 50,000 properties targeted to lose the subsidized rates – more than any other county in the nation.… Continue Reading
The National Flood Insurance Program (NFIP) is facing a September 30th deadline. That is the date the temporary extension runs out on the Flood Program. Unless a bill that reauthorizes the program passes, the NFIP could expire. But this week, the House of Representatives passed H.R. 1309 (The Flood Insurance Reform Act) by an overwhelming majority.… Continue Reading
The answer to the title question should be: "Nobody should trust the government to conclusively determine anything." The property insurance law news is that a Mississippi Senator has proposed federal legislation that would allow FEMA to determine the amount of wind damage versus flood damage an insured structure sustained when the issue arises. Anita Lee, … Continue Reading
WASHINGTON (Dow Jones)–The U.S. Senate unanimously agreed on Tuesday night to approve a popular flood insurance program for a year, taking a crucial step to ensure the federally-backed program isn’t allowed to run out when it expires on Sept. 30.… Continue Reading
The attempts by Mississippi’s Gene Taylor to craft an insurance product that fully covers hurricane losses seems to be having trouble, but not because Gene Taylor is not trying. While the House of Representatives passed a bill supported by Taylor which includes coverage for the perils of wind and storm surge into one policy, one … Continue Reading
Mississippi Representative Gene Taylor successfully placed language into House Bill H.R. 1264—“the Multiple Peril Insurance Act”— which would require “Write Your Own” insurers participating in the National Flood Program to remove anti-concurrent causation language from their all risk insurance policies. Taylor’s house was destroyed in Hurricane Katrina. Many of his neighbors’ insurance claims were denied … Continue Reading
The United States House of Representatives has unanimously passed a bill reinstating and extending the National Flood Insurance Program until September 30, 2010, according to an article in the National Underwriter, New NFIP Extension Bill Passes House; Senate Action Uncertain. The bill (H.R. 5569) will be sent to the Senate for further action. My suggestion in Flood … Continue Reading
In a local television news report in New Orleans and one yesterday in Tampa, I explained the need for policyholders in coastal areas to purchase flood insurance. The problem is that flood insurance is getting harder to find and more expensive to purchase.… Continue Reading
Stupidity is what will kill this country. Financed real estate transactions cannot occur in some parts of the country without flood insurance being purchased on the structure. Such insurance is difficult to find in the private market. As a result, the National Flood Program exists. But, it can only exist if Congress allows it, and … Continue Reading
Imagine a government could make arbitrary decisions about your rights without question. Do you think that would happen in China or the United States? Well, if it involves your national flood insurance policy, it has been happening in the United States for a long time. One federal judge has seen through the unfairness and called … Continue Reading
I was thinking about the question of property insurance trade associations and lobbying while reading today’s St. Petersburg Times article, At what Cost Care? The article was a question and answer discussion with Wendell Potter, who was a public relations executive for two major health insurers. Potter has given an inside view into the political and … Continue Reading
Congressman Paul Kanjorski, Chairman of the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, announced that his Subcommittee will hold a hearing to protect insurance consumers from risks in the insurance system and to prevent insurance companies from posing a systemic risk and threatening the American financial system. This systemic risk may … Continue Reading
What happened to the time when a significant insurance coverage decision arrived and everybody in my line of work analyzed that topic for several years? Now, the insurance industry is writing so many new and differently worded forms, it is hard to rely upon case decisions as being of widespread significance. If a case decision … Continue Reading
The Texas legislature has its hands full this week with an omnibus biill regarding TWIA. Florida Governor Charlie Crist has to decide whether to veto various measures regarding insurance legislation. Additionally, three federal bills were just filed which may impact the landscape of how insurance is made available and sold.… Continue Reading
I was reading a blog by Steve Piontech, Editor-in-Chief of the National Underwriter Life & Health. His remarks seemed to add another valid reason why federal charter and the choice of a sole federal regulator needs to be avoided:… Continue Reading
Imagine – all kinds of legislation, hand in hand with lobbying and political positioning, just in time for the start of hurricane season on June 1. A couple of recent news stories point out the possible direction that several key measures may be heading.… Continue Reading
