Penn. Regulators Urge Consumers to Consider Buying Flood Insurance

March 22, 2013Email ThisPrintNewslettersTweetArticleComments

The Pennsylvania Insurance Department is encouraging homeowners to consider buying flood insurance to help protect against potential spring floods.

Winter ice and snow increases the chance of spring flooding, Pennsylvania regulators warned. Further, Pennsylvania is one of the most flood-prone states in the nation and flooding can occur at any time of year.

Pennsylvania residents must carry flood insurance if they live in a designated flood zone, but flooding can happen inland and away from major waterways. Homes that could be flooded by an overflowing creek or pond, water running down a steep hill or melting snow are at risk for flood damage.

Regulators stressed that homeowners insurance policies do not cover flood damage. Also, it takes 30 days for newly purchased flood insurance policies to go into effect, so the ideal time to buy a policy is long before flooding is forecast.

Other flood insurance facts include:

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FEMA: $2.7B Paid Out in New Jersey Flood Insurance Claims Post-Sandy

March 15, 2013Email ThisPrintNewslettersTweetArticleComments

The Federal Emergency Management Agency says it has made $2.7 billion in flood insurance payments to New Jersey claimants since Superstorm Sandy hit the state last October.

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Deadline Extended for Isaac Flood Insurance Claims

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

Louisiana property owners with flood insurance policies whose homes or other structures were damaged during Hurricane Isaac have another 30 days to file claims for their flood losses.

Policy owners now have until Feb. 21 to complete their proof of loss.

The National Flood Insurance Program usually requires claims to be reported within 60 days of the date of loss but extensions have been granted because access to homes was limited by damage and high water.

Failure to submit the proof of loss could cause policyholders to miss out on benefits from their flood insurance policy.

Since Isaac made landfall, the insurance program has paid out more than $416 million on 13,159 claims in Louisiana.

 

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: Texas / South Central NewsTopics: claims filing deadline, flood insurance policies, hurricane isaac, Louisiana property owners, National Flood Insurance ProgramHave a hot lead? Email us at newsdesk

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Sandy Blow to N.J.: Costly Work or Costlier Flood Insurance Premiums

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

Superstorm Sandy landed one final stunning blow to New Jersey on Thursday, Jan. 24, as the state adopted rebuilding guidelines that come with sticker shock.

They will force homeowners in flood zones to spend tens of thousands of dollars to raise their houses now or pay exorbitant premiums of up to $31,000 a year for flood insurance later.

Gov. Chris Christie said he adopted flood maps issued late last year by the Federal Emergency Management Agency as New Jersey’s standard for rebuilding from the worst storm in its history.

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Deadline for Cheap North Dakota Flood Rebuilding Loans Looms

September 25, 2012Email ThisPrintNewslettersTweetArticleComments

Jessica Henderson’s Minot home had just been painstakingly gutted and remodeled, from the basement on up, when the flooding Souris River put its main floor under four feet of water last summer.

When it came time to rebuild again, Henderson was one of hundreds of Minot residents who tapped a low-interest loan fund, set up by the Legislature through the state-owned Bank of North Dakota, to help finance repairs

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Lawsuit Focuses on Flood Insurance Claims, Classification of Basement

December 21, 2012Email ThisPrintNewslettersTweetArticleComments

A recently filed class action lawsuit in New Jersey is alleging “improper handling” of certain flood insurance claims arising out of Hurricane Irene in 2011 and Superstorm Sandy in 2012.

The lawsuit focuses on the classification of the lowest floor of the buildings and whether classifying such floors as

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DEP Sets Aside Funds for Northern New Jersey Flood Buyouts

September 28, 2012Email ThisPrintNewslettersTweetArticle1 Comments

Plans to provide nearly $500,000 in state funds that would help a northern New Jersey town buy eight flood-prone homes have cleared another hurdle.

The state Department of Environmental Protection tells The Record that the funding for Saddle Brook is part of more than $123 million in Green Acres open-space acquisition and recreational development projects that were recently approved by the Garden State Preservation Trust.

But before the town can get the $487,500 it’s due to receive, the state Legislature must include the funding in an appropriations bill and Gov. Chris Christie would have to sign the measure.

If the money is eventually allocated, it would be provided to Saddle Brook as a matching grant. That means the town also would have to come up with $487,500.

Saddle Brook would use the money to help buy the properties where the homes now stand and demolish the residences, leaving the sites as open space that would likely reduce the impact of flooding. But officials say it will cost about $3.5 million overall to make the purchases.

Saddle Brook Mayor Karen Chamberlain, told the newspaper that she was grateful for the grant, but said the state has not done enough to help area communities address the flooding issues.

“I think the state should put in more money,” Chamberlain said. “And if they don’t have it, they should put pressure on the federal government.”

DEP spokesman Bob Considine said the Saddle Brook project got as much funding as it could under the program.

“Applying for grants for Green Acres is a competitive process based on the amount of needs throughout the state, and we try to spread it around as equitably as possible,” Considine told the newspaper.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: East NewsTopics: flood, New JerseyHave a hot lead? Email us at newsdesk

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White House Request for Sandy Aid Expected to Include Flood Insurance Funds

November 28, 2012Email ThisPrintNewslettersTweetArticle3 CommentsThe White House is expected in the coming days to send Congress a multibillion dollar request to fund recovery from Superstorm Sandy, which caused an estimated $71 billion in damages in New York and New Jersey.

Congressional aides said there was no clear indication of the request’s size, but some said it would likely be at least $11 billion.

The Federal Emergency Management Agency’s disaster relief fund had access to about $7.8 billion as Sandy slammed the U.S. East Coast on Oct. 29, causing widespread destruction in coastal New York and New Jersey.

Lawmakers and analysts also said Congress will need to shore up the heavily indebted National Flood Insurance Program in the face of $12 billion in payouts resulting from Sandy, ranked as the second-worst disaster in U.S. history.

U.S. Senate Majority Leader Harry Reid, asked about the additional Sandy funding request, said: “Well, we can’t do anything with the disaster aid package until we get something from the White House, and I’m told that will be here as early as tomorrow or the next day.”

A White House official declined to provide any details about the administration’s plans. “We are working closely with our partners in the states and in Congress, but it’s premature to speculate on specific actions as we work to ensure the governors have the necessary support,” the official said.

Lawmakers from both parties have voiced support for providing additional disaster relief in Sandy’s wake, but a massive funding request from President Barack Obama could be disruptive to already tense negotiations over year-end tax hikes and automatic spending cuts.

“It’s bound to be large, and we’ll need to scrub it carefully to determine real needs from wishful requests, which will take a little time,” a senior House Republican aide said of the funding package.

Representative Chaka Fattah, a Democratic member of the House Appropriations Committee from Pennsylvania, introduced a $12 billion emergency disaster relief bill four days after Sandy hit. No action has been taken on the measure, which is expected to be superceded by the White House request.

The White House official said that the administration has already obligated more than $1.9 billion to support Sandy response and recovery efforts. This includes $960 million in direct assistance to individuals affected by the storm.

On Monday, New York Governor Andrew Cuomo said the state will need $41.9 billion, including $32.8 billion for relief costs and damage repairs and another $9.1 billion to mitigate potential damage from future storms.

New Jersey suffered at least $29.4 billion in overall losses, Governor Chris Christie said on Friday.

Congress has routinely approved emergency supplemental appropriations to cope with unanticipated disaster relief costs, most notably for Hurricane Katrina in August 2005.

Two weeks after that storm flooded New Orleans, Congress approved $62.3 billion in disaster appropriations. It added another $29 billion by Dec. 30 after Hurricanes Rita and Wilma hit the Gulf Coast, and another $19.3 billion for those storms by June 2006. Supplemental appropriations for Katrina costs were still being made as late as 2010.

FLOOD INSURANCE SHORE-UP

Lawmakers are expected to shore up the National Flood Insurance Program by raising its $20.8 billion borrowing authority ceiling, since it has a commitment to pay policyholders hit by Sandy.

The FEMA-run program is essentially the only U.S. flood insurer for residences.

Putting more money into the program would come months after Obama signed a law aimed at improving its finances. Congress bailed out the program after Katrina in 2005, and it is $18 billion in debt.

Senator Tim Johnson, a South Dakota Democrat and chairman of the Senate Banking Committee, will “closely monitor developments to make sure that the NFIP is able to meet its obligations and pay claims to policyholders,” a committee aide said.

FEMA has estimated Sandy-related losses of $6 billion to $12 billion. That is far beyond the insurance program’s more than $690 million in cash and $3 billion in untapped borrowing authority.

A spokeswoman for the White House’s Office of Management and Budget said that as of last week, FEMA had processed 133,461 flood claims from the storm and paid out $302 million.

 

Copyright 2012 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: National NewsTopics: federal disaster aid, flood insurance funds, National Flood Insurance Program, NFIP funds, Sandy federal disaster aidHave a hot lead? Email us at newsdesk

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Bingaman Introduces Post-Fire Flood Legislation

June 26, 2012Email ThisPrintNewslettersTweetArticleComments

New Mexico’s two U.S. senators are pushing legislation that would make it easier for residents affected by wildfires on federal lands to take advantage of flood insurance administered by the Federal Emergency Management Agency.

Sen. Jeff Bingaman introduced the measure last week. Sen. Tom Udall is a co-sponsor.

Under current law, there’s a 30-day waiting period after flood insurance is purchased before coverage under a new contract can take effect.

The legislation would waive the waiting period in instances where fire creates or exacerbates a new flooding problem in areas where flooding would otherwise not be considered a significant threat.

Bingaman says the monsoon season is approaching and he wants to make sure residents have adequate flood protection.

Bingaman and Udall plan to press for an immediate vote on the bill.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: West NewsTopics: Federal Emergency Management Agency, Flood Insurance, wildfireHave a hot lead? Email us at newsdesk

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Obama Lends Support to Senate Flood Insurance Bill

June 26, 2012Email ThisPrintNewslettersTweetArticle1 Comments

The Obama Administration has signaled its support for a Senate bill (S.1940) to reauthorize the National Flood Insurance Program (NFIP).

The Senate advanced the bill yesterday but did not vote on it as Majority Leader Sen. Harry Reid, D.-Nev., indicated members were still ironing out some issues with it.

The White House released a statement in which it said it supports moving the insurance program to full risk-based pricing as the Senate bill allows.

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Senate Approves 60-Day Flood Program Extension; Will House Agree?

May 25, 2012Email ThisPrintNewslettersTweetArticle2 Comments

The Senate agreed yesterday in a unanimous consent to extend the National Flood Insurance Program (NFIP) for 60-days past its current expiration date of May 31. Last week, the U.S. House of Representatives voted 402 to 18 on a separate measure, H.R. 5740, to extend the NFIP for 30-days.

It remains to be seen if the House will adopt the Senate 60-day reauthorization when its members return after the Memorial Day weekend.

The Senate vote on the temporary reauthorization came after an agreement was struck for the full Senate to consider in June a long-stalled, longer-term renewal and reform of the program and after insertion of an amendment ending premium subsidies for vacation homes. The agreement was struck by Majority Leader Harry Reid, D-Nev., Banking Committee Chairman Tim Johnson, D-S.D., Ranking Member Richard Shelby, R-Ala.), Sen. David Vitter, R-La. and Sen. Tom Coburn, R-Okla.

The full House and the Senate Banking Committee have passed long-term measures but the full Senate has not acted.

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Minot, North Dakota, Mayor Says More Federal Flood Money Needed

April 5, 2012Email ThisPrintNewslettersTweetArticleComments

Federal flood recovery aid is not enough to meet the needs of Minot and Burlington, N.D., as they recover from record Souris River flooding last year, officials in those cities say.

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When It Rains It Floods....

When It Rains It Floods....


Floods happen in pratically all 50 states: on coasts, on mountains, along rivers, in the desert, in towns and cities of every size.  In recent years, roughly 25% of all flood insurance claims came from areas not considered high risk.
What is a flood? Flood, as used in a flood insurance policy, means:

1. A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (one of which is your property) from:

a.  Overflow of inland or tidal waters,
b.  Unusual and rapid accumulation or runoff of surface waters from any source,
c.  Mudflow

2. Collapse or subsidence of land along the shore of a lake or similar body of
water as a result of erosion or undermining caused by waves or currents of  water exceeding anticipated cyclical levels that result in a flood as  defined above in 1.a.
Unlike a standard homeowner's policy, flood insurance covers losses to your property caused by flooding. Some of the things a standard flood policy will cover include-

• Structural damage to the building and its foundation
• The electrical and plumbing systems
• Furnace, water heater, and central air conditioner
• Refrigerators, cooking stoves, and built-in appliances
• Permanently installed carpeting over an unfinished floor
• Flood debris cleanup

You can also buy a flood insurance policy to cover the contents of your home, such as furniture, clothing, food freezers and the food in them, portable air conditioners, and certain valuable items, such as artwork and furs (up to $2,500).

Policies are available in three forms: Dwelling (for most homes), General Property (for apartment buildings and businesses) and Residential Condominium Building Association (condominiums).

Flood insurance can be purchased for any eligible property located in a community that participates in the NFIP. Flood insurance can be purchased at any time regardless of your flood risk, and coverage is available subject to exclusions and limitations in the policy.

• In most cases there is a 30-day waiting period after applying and paying the premium for a standard flood insurance policy before it becomes effective.

• If you already have flood insurance, policies under the National Flood Insurance Program cover flood damages to insured buildings and contents, whether caused by man-made events such as an intentional opening of spillways or breaching of levees, or whether simply caused by a natural flooding event.

For general flood insurance questions, a step-by-step guide to filing a flood claim, and more information about flood insurance, visit www.floodsmart.gov or call 1-888-379-9531.


Please Also Call Jason Shroot at 714-988-3325 or http://www.jasonsellsinsurance.com/