Flood Insurance Changes With New FEMA/NFIP Rating Plan

In my agency days, we had file drawers filled with flood insurance maps.  We had to find the property location and try to decide what flood zone a building was in. Then came maps on the internet and now FEMA is reworking the approach to rating policies. Risk Rating 2.0 is supposed to increase the accuracy of rates - and improve … [Read more...]

US Government Causes Sandy Devastation

Ok, that's a stretch.  Give me a chance though...It's 1995 and you decide to build a house.  There is a nice piece of land on the Jersey Shore.  You get a set of plans and go to the bank.  The bank says they are happy to loan you the money, but, you will need to buy insurance.You go to your insurance agent who says he is glad to insure your new … [Read more...]

Increased Flood Risks

An article in today's NY Times discussed the risk that NY faces of rising sea levels.Link Here (may require membership)Many say the seas are rising.  It only makes sense to find out what your city or town is considering and doing to prevent widespread flood damage.  Are your properties in the areas of concern?  What precautions can you take to … [Read more...]

LA Insurance Commissioner Makes Flood Announcement

I got this today. Quite a helpful reminder to insurance agents...To: All Louisiana Producers From: Commissioner DonelonRe: Spring Flood UpdateAs the spring flood has moved into Louisiana, I am asking your assistance in communicating important information regarding the National Flood Insurance Program (NFIP) to the citizens of Louisiana.Please … [Read more...]

Flood Zone???

Free service will check if your home or biz is in a flood zone. It will also notify you of changes.www.FreeFlood.com.It worked for me. Tell me what you find about your own property. Any surprises? … [Read more...]

Feds Shut Down Mandated Insurance Program – Leave Homebuyers Stranded

It is no secret that I hate government involvement in business. They just mess things up.Now we have the shutdown of the federal flood insurance program. Federal law requires that you buy flood insurance when you borrow money on a building in a flood area. So, for at least the next three weeks nobody will be able to buy a home using a bank … [Read more...]


I just realized that it has been some time since I talked about flood insurance. There are many new readers who may have missed past rants. Here goes...-Home insurance policies do not cover damage caused by a flood.-Business property insurance do not cover damage caused by a flood-The only way to find flood coverage (for most) is to get … [Read more...]

Spring Thaws and Flood Insurance

Maine's Insurance Commissioner recently reminded us that spring thaws are coming.With the 30 day waiting period for the purchase of flood insurance, the time to buy coverage is now.For the 4,345th time...Flood is not a covered peril on homeowners policies and most business property insurance policies. To be covered for flood you must buy a flood … [Read more...]

Wall St Journal Letter

From the letter to the editor by me published in today's WSJ, commenting on a prior article on the problems with Flood Insurance in Mississippi and Louisiana.Well said Mr. Wilson. (Real Insurance Fraud 11/16/07) Nationwide, only about 1 in 20 households have flood insurance. As Mr. Wilson pointed out, traditional property insurance does not … [Read more...]

Flood Insurance

I got another call a few weeks ago from someone wondering if it is common for an insurance company to exclude damage by flood. Answer: yes, quite common. In fact, few property insurance policies cover flood damage. Coverage can be added if you ask your agent for it. Some insurers will add it right to your commercial property insurance. Others will … [Read more...]