The implications of the oft-cited statistics that only 30% of the area's residents affected by storms Katrina and Rita had flood coverage depend on the viewpoint of the statistics presenter. It makes little sense for an agent whose income is solely or primarily derived from insurance sales commissions to deliberately underinsure anyone. If underinsurance occurs, it usually represents gross stupidity, not criminal intent. Brochures, interviews, phone calls, e-mail signature tags, newsletters, post cards and Post-it notes must all make clients aware of key risks. Promoting flood insurance should not be a one-time event but a way of life.
Staff Writer For decades, residents who live in Lancaster County's most flood- prone areas, such as Marietta and near Chickies Creek in Manheim Borough and Penn Township, have withstood rising waters and been able to stay in their homes because of federal flood insurance.
A state law claim asserting that an insurer negligently represented a homeowner's flood insurance coverage options and failed to offer a "preferred risk" policy is preempted by federal law, the 5th Circuit has ruled in reversing a U.S. District Court. The homeowner bought flood insurance from Liberty Mutual under the Federal National Flood Insurance Program. He was eligible for a preferred risk policy, but there is no evidence that the insurer ever informed him about it. His policy covered a total loss of up to $121,200 for a $531 premium, while the preferred risk policy would have covered a total loss of up to $350,000 for a $317 premium.
The Federal Emergency Management Agency, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a revision of a currently approved information collection. In accordance with the Paperwork Reduction Act of 1995, this notice seeks comments concerning this information collection that allows the National Flood Insurance Program (NFIP) to facilitate the availability of flood insurance to those who have a need to purchase such. The NFIP will collect information from insurance agents who will offer the ability to purchase flood insurance, as well as from those interested in purchasing the insurance policies, so as to offer referral information on how the coverage may be obtained. I...
Changes to the flood insurance rate maps for the Town of Tonawanda mean that for hundreds of property owners who initially were told they must buy flood insurance, now it's optional. The affected properties are in areas that the Federal Emergency Management Agency had designated at high risk of a 100-year flood; that is, a flood so big that it has a 1 percent chance of happening in any given year. Now, the risk for many of those locations was amended to a 500-year event; a flood with a 0.2 percent chance of occurring.
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