New Frontier: Why You Need to Take a Serious Look at Private Flood
The evolution of the flood insurance marketplace has reached a point where every agent should revisit their traditional approaches to selling flood insurance.
Flood
From the Front Lines: Flood
Flood insurance is vital to the New Jersey communities independent agent Jeffrey Wyrsch serves. But “ongoing changes to the NFIP, along with the emerging private flood marketplace, create new challenges on a regular basis,” he says.
NFIP Reverses Mid-Term Cancellation Policy
On Monday, FEMA issued a bulletin stating that consumers cannot receive a refund for unearned premiums if they cancel a NFIP policy mid-term in favor of a private policy.
FEMA Unveils ‘Risk Rating 2.0’
On Monday, FEMA announced significant changes to the way the NFIP will charge homeowners for flood insurance risks.
Big ‘I’ Testifies Before Congress on NFIP
On Wednesday, Chris Heidrick, chair of the Big “I” Flood Insurance Task Force, testified before the U.S. House of Representatives Financial Services Committee on reauthorization of the NFIP.
President Trump’s Budget Proposes Changes to FCIP, NFIP
The budget proposal includes $26 billion in cuts to the FCIP and proposed means-testing for the NFIP.
Big ‘I’ Seeks Clarity on NFIP Mid-Term Cancellation Policy
Earlier this week, the Big “I” and other stakeholders sent a letter to FEMA asking for clarification on when consumers can receive a refund for unearned premiums if they cancel an NFIP policy mid-term in favor of a private policy.
Regulators Issue New Federal Rules for Private Flood Insurance
Last Friday, federal banking regulators issued a new rule outlining when lenders are required to accept private flood insurance to satisfy mandatory purchase requirements.
NFIP Policies Available During Shutdown
FEMA reversed its decision not to issue new or renewal policies or make changes to existing policies during the government shutdown.
NFIP Limits Operations, Despite Reauthorization
Further guidance from the NFIP is expected, but for the time being, the NFIP will not issue new policies or make changes to existing policies.