As climate change becomes more and more of a topic in today’s news, and we look back at the past several years and the major disasters that have occurred, it begs the question: Will there continue to be more flooding? Will this affect the flood...
The Small Business Administration (SBA) is a U.S. government agency that supports small business. The SBA sets guidelines for loans made by its partnering lenders. These guidelines reduce risk for lenders and makes it easier for them to access capital while making it easier for...
While damages from flooding are typically not included in standard homeowners’ insurance or renters insurance, property owners and renters can get insurance via the NFIP (National Flood Insurance Program. This program is administered by FEMA (Federal Emergency Management Agency). ...
One of the foundation’s primary objectives is seeing flood risks properly calculated and then applied to various financial instruments, including insurance rates, land use decisions, mortgages, and others....
With hurricane season not far off the horizon, lots of people question how their home insurance works after a natural disaster. Here are answers to the top questions homeowners ask!...
Upon completion of its annual flood reinsurance program renewal, FEMA has secured $1.33 billion dollars to cover the National Flood Insurance Program (NFIP) for the year 2020. This is only marginally higher than FEMA’s $1.32 billion reinsurance program renewal for the NFIP in 2019....
John Mills, spokesperson for FEMA, warns property owners that living anywhere it rains means that flooding is possible. Approximately one fourth of flood insurance claims are generated in areas that aren’t even considered high risk for flooding. ...
International consulting guru McKinsey released a report that found Florida homes that are at risk of flooding could lose 5%-15% of their value over the next decade. This of course bars any massive changes to the market during that time. By 2050, this could rise up...
In 2019, tens of millions of Americans learned first-hand how catastrophic floods can be. According to the National Oceanic and Atmospheric Administration, from January to October, the overall estimated damages caused by major thunderstorms and flooding in the U.S. totaled over $180 billion....
There are far more people who need flood insurance than have it, according to Verisk, which goes to show just how ready the market is to expand, if insurers are willing to explore this new growth potential....