Sentences with phrase «federal flood insurance rates»

Federal flood insurance rates are on the rise, and the sharp increases from New England to Hawaii are hurting property values, residents and legislators say.

MIAMI — Sharp increases in federal flood insurance rates are distressing coastal homeowners from Hawaii to New England and are starting to hurt property values and housing sales in areas just beginning to recover from the recession, according to residents and legislators.

Not exact matches

If you're not satisfied with the coverage limits offered by a federal policy or if you can find reliable service at a more affordable rate, private flood insurance companies can be a good option.

Flood Insurance Rate Map (FIRM)- Provided by FEMA (Federal Emergency Management Agency), this map delineates base flood elevations and flood risk zones, and is used for rating purposes for flood iInsurance Rate Map (FIRM)- Provided by FEMA (Federal Emergency Management Agency), this map delineates base flood elevations and flood risk zones, and is used for rating purposes for flood insuranceinsurance.

The Federal Government developed the National Flood Insurance Program's (NFIP) Community Rating System (CRS) in 1990 as a program for recognizing and encouraging community flood plain management activities that exceed the minimum NFIP standards.

NFIP flood insurance is purchased by homeowners through private insurance companies, but is administered by the Federal Emergency Management Agency (FEMA), which sets rates and coverage terms.

Federal officials and private - sector experts say certain increases in insurance rates can be reduced by taking steps to lower flood risk.

The price through the federal flood insurance program is based on standardized rates and depends on the home's value and whether or not it's in a flood plain, says Don Griffin, vice president of Personal Lines for the Property Casualty Insurers Association of America.

NAR and many lawmakers in Congress are pushing for a time - out in the federal government's efforts to eliminate flood insurance subsidies over time and phase in premium rates that reflect properties» actuarial risk of flooding.

The bill also creates a flood insurance advocate within the Federal Emergency Management Act (FEMA) to investigate home owner complaints of multiple different or excessive rate quotes.

This bicameral, bipartisan legislation introduced by Reps. Michael Grimm, R - N.Y., and Maxine Waters, D - Calif., and by Sens. Bob Menendez, D - N.J., and Johnny Isakson, R - Ga., would delay further implementation of major rate changes until the Federal Emergency Management Agency completes an affordability study required by Biggert - Waters; creates an office of the Advocate to investigate flood insurance rate increases; and reports to Congress with proposed solutions to any identified problems.