The Latest in Flood Insurance and Industry News
Earlier this month the Associated Press reported on the heavy rainfall and ensuing flooding Hawaii experienced. Scientists suspect climate change is the culprit and that these flooding events won’t be isolated to one state. Read how the island state is attempting to adapt to a far more common occurrence.
flood insurance industry news
In Reuter’s article, they highlight the growing concern of flood damage to homeowners and its rising threat. As our industry evolves to better provide solutions to flood risks, it’s important that homeowners understand their exposure, especially without flood insurance.
flood insurance industry news
Homeowners across the U.S. face substantial financial risk without flood insurance. This is especially true for states like Florida and North Carolina where the risk of flooding is much higher and homes that require insurance are ignoring it. Continue reading to see how disaster striking these homes could have far-reaching effects.
flood insurance industry news
Many have been affected by the recent deadly storm system that has blanketed much of the U.S. with Texas experiencing unprecedented hazardous conditions. One of the many hidden threats of these winter storms is the real risk of severe flooding that can compound the dangers homeowners face.
flood insurance industry news
As sea levels rise and coastal flooding becomes more frequent the devastation is not always felt equally. Research done by the Environmental Research Letters found that coastal flooding threatens affordable housing. This is especially difficult for an often-vulnerable community.
flood insurance industry news
The National Centers for Environmental Information released their billion-dollar disaster report for 2020 and proved what many of us already know. Natural disasters are getting worse and more frequent with a record setting 22 separate billion-dollar disasters, 13 of which were caused by severe storms.
flood insurance industry news
According to a study, done by Stanford researchers, increased precipitation has caused almost $75 billion in financial losses contributed to flooding. The study points out that this will likely continue to get worse. You can find out more about the dangers of flooding here.
flood insurance industry news
The 2020 Hurricane Season was one of the most active hurricane seasons on record and broke nearly every record held before. “The season ended with 30 named storms, 13 hurricanes, and six major hurricanes” reports The Weather Channel. Continue reading to find out why this year was so unique for hurricanes.
flood insurance industry news
Can we expect flooding on a grander scale in the future? As the effects of climate change become more apparent the answer seems to be a resounding yes! One such article, by Tom Philpott, points to a growing concern that the next major flooding event could happen in California.
flood insurance industry news
When house hunting many consider the location and size of the home in their decision. However, it’s becoming increasingly important to consider a home’s flood risk. Across the nation, homeowners are experiencing flood damage at an alarming rate. Before purchasing a home, consider these 6 flood-focused questions.
A study conducted by the University of California warns that rivers are an increasing threat of flooding due to rising sea levels. Researchers found that this is especially worrying for inland homeowners and can affect historically calm rivers. Contact your policyholders today to warn of this growing threat.
flood insurance industry news
On Tuesday, June 2nd, we saw the formation of Tropical Storm Cristobal in the southwestern Gulf of Mexico. This marks the third storm formation this hurricane season. According to The Weather Channel, we could see it reach the “Gulf Coast of the United States late this weekend.” Currently, it is still too early to tell the severity of the storms once it reaches our coast (if it does), but it is important for those in potentially affected areas to begin preparing. We will continue to monitor the storm and provide updates.
Weeks ahead of schedule, the hurricane season’s first tropical system could develop near Florida and the Bahamas this weekend, forecasters said Tuesday. As of midday Tuesday, the National Hurricane Center said there was a 50% chance of development within the next five days. “An area of low pressure is expected to develop this weekend a couple hundred miles northeast of the Bahamas,” the hurricane center said.
Atmospheric rivers are narrow ribbons of concentrated moisture that originate in the Pacific and can flow thousands of miles before dropping rain and snow on land. Scientists are ramping up their research into the systems this winter fearful that warmer temperatures tied to climate change will boost the moisture they carry, supercharging them moving forward.
flood insurance industry news
According to the United States Geological Survey, “more than 75% of declared Federal disasters are related to floods, and annual flood losses average almost $8 billion with over 90 fatalities per year.” Flooding poses serious risk, and as the climate changes, the number of homes in the United States facing a risk of flooding is increasing.
10/2019
If it rains, it can flood. That stark reality has been driven home in the last few years as hurricane-related rainfalls smashed records and inundated communities from Houston to New York City. Homes and businesses from coast to coast suffered extensive inland flooding, and swollen rivers breached levees and left farmlands and communities across the Midwest immersed in huge amounts of standing water.
11/06/2019
Even in risky areas, some homeowners still skip flood coverage. Flooding, is the most common cause of disaster-related damages in the United States. The vast majority of standard home insurance policies do not cover flooding. To ensure coverage, most homeowners must purchase a separate policy backed by the federal government under the National Flood Insurance Program. Managed by FEMA, Congress created the program in 1968 to offer primary flood insurance to properties with significant flood risk as many private insurers stopped offering coverage. It was designed to reduce escalating costs associated with helping flood survivors recover losses.
09/13/2019
At a recent hearing hosted by the Financial Services Subcommittee on National Security, International Development and Monetary Policy, environmental experts discussed the risks to the National Flood Insurance Program (NFIP) posed by climate change, saying the situation is likely to worsen in the coming years.