Are you prepared for a Hurricane? This past week was Hurricane Preparedness Week. As we prepare to enter hurricane season, its important to not only remember that Massachusetts can, and has, experienced devastating hurricanes, but also to check in on your own personal preparedness. We remind you to check:-Your insurance coverages-Your hurricane and Nor’easter preparedness […]
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Did you know that if you are awarded a Federal grant to elevate and improve your property to protect it from flooding, you must pay for the improvements and wait for reimbursement? If you need to elevate your home, relocate utilities, or add other flood mitigation measures to reduce the risk of flood damage and lower your flood insurance premiums this […]
Recently, news broke about the roll out of Risk Rating 2.0, the Federal Emergency Management Agency’s redesign of National Flood Insurance Program and how it will determine rates for flood insurance. The Massachusetts Coastal Coalition has followed Risk Rating 2.0 since the beginning of its development. After years of raising red flags and alerting policyholders […]
Breaking: NFIP Legislative ActivityIn the past week, there has been a flurry of legislative activity related to the reform of the National Flood Insurance Program (NFIP).Four bills released: The House Financial Services Committee released four NFIP reform draft pieces of legislation. They focus around mapping, claims, affordability and mitigation. If you are a member, you can […]
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Before the start of 2018, many predicted political and economic uncertainty. This proved to be true of the National Flood Insurance Program and the flood insurance market. In total, 2018 brought three program lapses lasting over eight days with seven short term extensions and a series of Federal Emergency Management Agency leadership and administrative changes. […]
As we enter 2019, its time to review your annual flood insurance policy. Review the policy coverage with your current insurer and question the deductible amount. Then it’s time to get a second opinion! I recently listed a home in an AE flood zone. The homeowner was paying $3,600 for an annual policy with a $2,000 deductible. This premium was high compared to homes in the immediate area. The […]
Just-In-Time: House Votes 315-48 to Extend NFIP to May 31, 2019 After a challenging week in Congress, the House passed S.3628 that extends the NFIP’s authority until May 31, 2019. President Trump signed the bill into law Friday night. The NFIP did not expire. The goal of extending the NFIP for a six-month period is to provide time for […]
NFIP Now Headed Towards Lapse As of the writing of this message, Congress has not yet extended the National Flood Insurance Program, which expires at midnight on Friday, December 21st. The current political situation is complicated. Presently, the US Senate has proposed an extension to February 8th of Federal Government spending, which includes an extension of […]