The Latest in Flood Insurance and Industry News
Charleston S.C. experienced unique conditions that lead to uncommon coastal flooding that typically only happens during hurricanes. Scientists point to global warming and rising sea levels as the cause for troubling trends in flooding both in Charleston and along much of the coast.
flood insurance industry news
Often times when we talk about flooding we talk about the financial impact on property owners and how it can be difficult to recover without proper insurance. A recent report by First Street Foundation and Arup points to how this financial fallout caused by flooding is compounded for businesses facing millions of days of lost operation in 2022.
flood insurance industry news
Early this week a storm system called a Kona low moved over the Hawaiian Islands bringing heavy winds and torrential rain. Kona lows typically form during the winter season and are known for moving slowly. This slow movement has put the island at risk of flash flooding, landslides, and other hazards.
flood insurance industry news
FEMA’s new risk rating methodology, Risk Rating 2.0, leverages industry best practices to create a more equitable system to evaluate a homeowner’s flood risk and premiums. Cyndee Hayden, the incoming vice-chair of insurance for the National Association of REALTORS echoes this sentiment in the Associated Press:
flood insurance industry news
We’ve often warned about the hidden risks of flooding caused by urbanization as gutters, pipes, and tunnels become overwhelmed by heavy rainfall. To help combat this, communities are turning to green infrastructure to mitigate flooding. Here is the EPA’s comprehensive guide to green infrastructure:
flood insurance industry news
In May of last year, north central Michigan experienced extensive flash flooding after two major dam failures. Now the federal government is making a grant of over $54 million to support the local community in their rebuild. This will go a long way towards the community’s recovery.
flood insurance industry news
On Monday First Street Foundation released a nationwide community-level flood resilience report, “highlighting the flood risk over a 30 year period for every city and county across the conterminous United States.” Continue reading to learn why flooding is putting critical infrastructure, roads, residential properties, and more at risk of becoming inoperable today!
flood insurance industry news
Floods are becoming more common, and that means the potential for disaster is greater. Experts continue to warn about flooding’s impacts on property, health & safety concerns, and financial issues in storm-ravaged areas. Check out these resources to learn what steps to take before, during, or after a flood strikes.
flood insurance industry news
Hurricane Ida has been the strongest storm to hit the United States this hurricane season. While it made landfall near LA and MS some of the worst flooding was seen in the northeast. Russ Schumacher, from Colorado State University, examines why places like NY saw up to 3in of rain an hour during the worst of the flooding.
flood insurance industry news
In March, scientists from Arizona State University noticed it’s not just climate change causing increasing flooding but urbanization is having a large effect as well. This was made apparent when flooding across the Midwest inundated homes and streets this June. Read about how city planners are changing the way cities are built.
flood insurance industry news
What should you do when the forecast calls for heavy rain, possible flooding, or even a hurricane? Does your family have a plan and what happens if you are affected? Fortunately, there are resources for you to help answer these questions! You can find tips on how to prepare here and more on our website.
flood insurance industry news
We know that flooding is getting worse but how bad is it getting? E&E News points to some alarming data from past years on how widespread flooding has become. Last year was the sixth consecutive year that over $1 billion was paid out in claims. The impact of flooding is rising, and you can learn more here.
flood insurance industry news
When it comes to flooding a lot of attention is on hurricanes and coastal communities, but a largely hidden risk is snowmelt and it’s happening sooner. Earlier spring snowmelt could have far-reaching effects including added risk to homeowners. Continue reading to find out more
flood insurance industry news
NOAA data shows rising concerns for coastal communities as climate change continues to have damaging effects on coastal flooding. Certain areas could potentially experience year-round flooding in the future if nothing is done. Read to learn more about the data and ongoing mitigation efforts.
flood insurance 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.