The House of Representatives passed the National Flood Insurance Reform Act this week, which will re-authorize the National Flood Insurance Program (NFIP). After years of debates from lawmakers on how to handle the program, the House surprised many by passing the bill easily.
The House passed HR 1309 with a 406-22 vote this week. Lawmakers were highly supportive of the bill that re-authorizes the NFIP.
Home insurance company USAA is reducing rates for the majority of its California customers by an average of 14.9 percent. This news came from California Insurance Commissioner Dave Jones in one of his most recent announcements.
Jones stated USAA Property and Casualty Insurance Group intends to lower its homeowners insurance rates for approximately 200,000 policyholders in California to help them better afford coverage.
USAAs decision to shift its rates downward has left Jones very pleased.
The Federal Emergency Management Agency (FEMA) wants Congress to encourage private insurance companies to provide coverage beyond the current limits for flood insurance. Since the limits for the National Flood Insurance Program havent been raised since 1994, FEMA hopes insurers will consider pushing the limit on their own.
FEMA chief, Craig Fugate, told the Senate Banking Committee on Thursday that he thinks the limits on flood insurance coverage should be adjusted upward, which would more accurately reflect the level of risk for floods assumed by the program.
However, he explained that doing so could have too great an impact on flood insurance policyholders who are accustomed to paying a certain amount. Fo
A new report from the Insurance Information Institute (I.I.I.) revealed that dog bites represented more than one third of home insurance claims in 2010. Despite this high number of claims, the I.I.I. found that dog bites remained relatively consistent with those in the year prior.
According to the I.I.I., nearly $413 million was paid out in home insurance claims as a result of dog bites. W
A judge in Florida ruled that a homeowners insurance company will be responsible for paying for a local residents home that had damage as a result of toxic Chinese-made drywall. This ruling contradicts one made at the end of 2010 when a judge decided an insurance company was not liable for similar damage.
Judge Robert Foster of the Hillsborough County determined that gas emanating from the drywall was an unforeseen occurrence that caused a chemical reaction. As a result, he decided that there was no exclusion in the Springfield, Ill-based Teachers Insurance Co.