Continuing its risk management practice against future catastrophic flood losses, FEMA announced its 2020 traditional reinsurance placement for the National Flood Insurance Program (NFIP). Reinsurance is a financial risk management tool used by private insurance companies and public entities to protect themselves from large financial losses. If a qualifying catastrophic flood event occurs, the reinsurance... Continue Reading →
What needs to be disclosed? What should you know about flood risk and flood insurance?
Members of the public are invited to review preliminary flood maps showing updated flood hazard data for Hanapepe, Moloaa, and Waimea. The Federal Emergency Management Agency is updating the Flood Insurance Rate Map (FIRM) for Kauai County. Preliminary map panels identify current flood hazards and provide accurate information to help residents and businesses take actions... Continue Reading →
Residents and businesses on the Big Island will be paying less for flood insurance, according to the Federal Emergency Management Agency (FEMA). Hawaii County has earned a Class 7 community rating from FEMA’s National Flood Insurance Program (NFIP) as of October 1, 2019. As a result, current and new policyholders save 15 percent on the... Continue Reading →
WASHINGTON (Oct. 7, 2019) — A recent survey (PDF) commissioned by the National Association of Insurance Commissioners (NAIC) found that about half of Americans (51%) don't know that homeowners insurance does not cover damage/loss caused by a flood event. The survey, conducted online by The Harris Poll among over 2,000 U.S. adults age 18+, found... Continue Reading →
The Association of Floodplain Managers (ASFPM) announced to its members today that "The president signed a Continuing Resolution Sept. 27, just days before the Sept. 30 deadline. This extension will continue to fund all federal departments and agencies at Fiscal Year 2019 levels through Nov. 21. Without that extension, the federal government would have shut... Continue Reading →
A Big Mahalo to FEMA Region IX Flood Insurance Specialist, Edie Lohmann for taking time away from her busy schedule to lead a Flood Insurance Workshop here in Honolulu this past August for our local insurance agents, realtors, and lenders. Much Aloha also goes out to Hawaii Independent Insurance Agent Association (HIIA), Executive Director, Chenise... Continue Reading →
Don't let water damage rain on your parade. If you own or rent a home, here's what the Hawai'i DCCA Insurance Division says you need to know about flood risk. We’ve got plenty of both, but it’s not all sunshine and rainbows in the 50th State. There’s also rain, and flooding from a heavy downpour... Continue Reading →
According to a recent national survey sponsored by National Association of Insurance Commissioners (NAIC), 41% of Americans agree or strongly agree that flood insurance is a "good idea," yet only 17% say they have purchased flood insurance. (Federal Emergency Management Association (FEMA) estimates that only about 3% have flood protection.) One of the reasons NAIC... Continue Reading →
Only flood insurance covers flood damage. Without it, your recovery options are limited and costly. Your recovery will depend on your savings, your line of credit or the hope that a federal disaster declaration may make State/Federal disaster-related grants and/or U.S. Small Business Administration low-interest loans available.If you live in a Special Flood Hazard Area... Continue Reading →
