Federal Flood Insurance Program Receives 1-Month Extension

On September 30, 2009, the Senate passed a temporary 31-day extension of the Federal Flood Insurance Program (NFIP), which was set to expire on that day. Now, the program, which issues flood insurance to homeowners in and around flood plains, will expire on October 31, 2009.

The temporary extension was passed as a part of the House Senate Conference Report on H.R. 2918, the “Legislative Branch Appropriations Act 2010.” Ironically, the expiration was set to come at a time when millions of policyholders would have renewed – and others living in areas that have unexpectedly flooded recently, such as Georgia, would be left without the option to purchase coverage.

But those are not the only problems associated with not extending the program.

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Tags: Extension, Flood Insurance, Flood Insurance Program, Insurance Program

Posted by Admin 10 05, 09
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Insurance Break for Post-Hurricane Katrina Home Renovations

If you own a home in Louisiana, you can take advantage of insurance and tax breaks bytaking on home renovations that comply with statewide building standardsenacted after Hurricane Katrina. Luckily, these renovations can not only help you save money in the long-run, but also protect your home from future wind and water damage.

According to Louisiana’s state insurance commissioner, state lawmakers passed three incentives in 2007 to have more homes meet new building-code standards through “retrofitting” – or making modifications.

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Tags: Home, Home Renovations

Posted by Admin 10 02, 09
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Instant Vacant Home Insurance Quote Estimates

Vacant Home Insurance Now (.com) a website that is used to put those in need of vacant home insurance together with an agent and insurance company that specializes in providing vacant home insurance, announced today that they will be able to provide a quick quote estimate if visitors to the website will complete the new contact form.
The new contact form takes about 3 minutes to fill out, and asks a lot more questions, but if visitors complete the full contact form, they will be able to get a price estimate that should be accurate to within 5% to 10%. Read all post…

Tags: Home Insurance, Insurance, Vacant Home, Vacant Home Insurance

Posted by Admin 10 01, 09
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House Insurance in NY Chosen with Help from Insurance Dept

Buying house insurance in NY will result in a productive activity if you first visit the web site of the New York Insurance Department.

The New York web site is among the best insurance department web sites in terms of helpful information and ease of navigation. You can read about the things you need to check first before buying a home insurance and you can also check the status of the insurance firm you are planning to buy your policy from. You can also check the insurance specialties of insurance companies and firms with special risks.

In New York, you can choose from among the best insurance policies in the country because the New York home insurance market is very competitive.

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Tags: House Insurance, Insurance

Posted by Admin 09 29, 09
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Georgia Residents Learn Their Homeowners Insurance Doesn’t Cover Floods

After being hit with life-threatening floods in September 2009, many Georgia residents called their insurance companies to place claims only to realize that floods were not covered in their policies. This news was a major blow to homeowners who simply were unaware that they were not paying for flood coverage in their monthly premiums.

So how exactly does a homeowner get covered for floods? Since floods aren’t covered in the standard homeowner’s policy, a separate policy must be purchased. The policy can be purchased from a property and casualty insurance company and is always backed by the National Flood Insurance Program under the Federal Emergency Management Agency (FEMA).

The reason that most homeowners are unaware of flood insurance is because they have not purchased their home in a flood plain, which requires a separate flood insurance policy.

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Tags: Floods, Georgia Residents

Posted by Admin 09 28, 09
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North Carolina’s Beach Plan Gets Rescued

North Carolina’s Senate recently passed a bill to approve the rescue of its coastal insurance plan, known as the Beach Plan. In this bill, reforms have been made to help place caps on the overextended hurricane budget so that property insurers don’t suffer exceeding costs after a disaster.

The Beach Plan was originally conceived 40 years ago as a way to provide hurricane insurance to barrier islands. The plan’s coverage area has grown since its conception, resulting in the insurance liabilities increasing to nearly $74 billion. Since the plan only has resources that top out at $2.4 billion, insurers were finding themselves responsible for any balance that exceeded that amount with no limit.

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Tags: Beach Plan, Plan

Posted by Admin 09 27, 09
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Hurricanes no problem to homeowners and vacant homeowners market in 2009 so far

So far in 2009, there have been no major hurricanes that have touched the U.S. mainland which is a relief for the homeowners insurance companies and the companies that provide vacant home insurance.

Last year, hurricanes were also light but the previous three years saw a tremendous amount of hurricane activity and homeowners and vacant homeowners insurance rates soared in Florida and the coastal regions of Georgia, Louisiana, and South Carolina. Many regions in Florida require three separate policies. One policy for wind damage which could come from a hurricane. One for flood damage from heavy rain or a hurricane. Read all post…

Tags: 2009, Market 2009

Posted by Admin 09 25, 09
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