Flood Basics still causing pain for some
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Congress created the National Flood Insurance Program (the "NFIP") to help make flood insurance more affordable in areas prone to flood damage. FEMA oversees the program and writes the terms of the Standard Flood Insurance...more
As we enter the last quarter of a year that saw historic flooding across the country, including most recently in New York City, it is a good time to review the National Flood Insurance Program (NFIP) and highlight a few...more
Given the vast number of proposals to close “the protection gap” offered by regulators, reinsurers, insurers, brokers and other industry participants in recent years, it is a wonder that it persists. But to many observers, it...more
The new year brought a series of ferocious storms that ravaged the California coast for weeks. By mid-January, this so-called “atmospheric river” caused at least eight million Californians to be under flood watch as wind and...more
In the face of winter—and all the wet weather that comes with it—FEMA’s National Flood Insurance Program would like everyone to understand the risks of flooding. Flooding has occurred across many parts of the country (yes,...more
Congress has reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022. Prior to this most recent temporary reauthorization, the NFIP had been set to expire on December 3, 2021. Since 2017, there...more
One of the issues contributing to an increasingly volatile construction space for owners and developers is the cost and availability of insurance during and after construction of a project. As a result of accelerated climate...more
For the first time in nearly a decade, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, and the National...more
On April 1, 2021, FEMA released its highly anticipated flood insurance rating methodology, Risk Rating 2.0-Equity in Action. FEMA first announced “Risk Rating 2.0-Equity in Action” in March 2019 as an effort to improve...more
On April 1, 2021, the Federal Emergency Management Agency (FEMA) released an official announcement (Release Number HQ-21-079) and Memorandum for Write Your Own (WYO) Principal Coordinators and the National Flood Insurance...more
The Federal Emergency Management Agency (FEMA) administers the National Flood Insurance Program (NFIP). The NFIP offers insurance coverage for physical losses to buildings and/or contents caused by a flood. Over the years,...more
Climate change is forcing the commercial real estate industry to re-think the effectiveness of flood insurance that developers, lenders and investors have relied on for decades. Rising sea levels and more extreme weather...more
President Trump recently declared the flooding throughout the Gulf Coast a National Emergency and pledged federal resources, including FEMA, to assist with the recovery efforts. All the while, one of the linchpins in...more
Congress created the National Flood Insurance Program (the "NFIP") to help make flood insurance more affordable in higher-risk areas. FEMA oversees the program and writes the terms of the Standard Flood Insurance Policy...more
As previously reported, in early December 2018 Congress passed another short-term extension of the National Flood Insurance Program that was scheduled to expire on December 21, 2018. ...more
Following criticism from industry groups and members of Congress, FEMA has retreated from a December 27 announcement that it would stop issuing new flood policies and renewals during the ongoing partial shutdown of the...more
On October 26, 2017, President Donald Trump signed H.R. 2266, a disaster relief bill. Pursuant to section 308 of the bill, the Department of the Treasury will forgive $16 billion in debt owed by FEMA under the National Flood...more
Bill Deron bought a 100-acre tract next to a creek outside the City of Houston. Deron planned to build a subdivision where some of the homes abut a creek. The other homes would sit about 15 feet higher than the creekside...more
On September 8th, just days after Hurricane Harvey decimated the Houston metropolitan area, and while many Florida residents were evacuating as Hurricane Irma approached, President Trump signed into law the Continuing...more
Last week, we wrote a post about a number of bulletins of potential interest to property insurers issued by the Texas Department of Insurance concerning the appropriate conduct of those involved in the insurance claims...more
As hurricane season swings into full measure, the flooding of Hurricane Harvey has ravaged Texas, and Irma’s path remains uncertain, it is time to revisit the law of flood insurance....more
Until very recently, the scarcity of water and the decline in oil prices in California prompted the joke that oil was being used as fracking fluid to get water out of the ground. In the last week, however, so much rain has...more
Harris v. Nationwide Mutual Fire Insurance Company, __ F.3d __, 2016 WL 4174381 (6th Cir. Aug. 8, 2016) - Case at a Glance - Plaintiffs purchased a home located in a federal flood zone, but they did not purchase...more
It is well-established that claim processing and wrongful denial of coverage disputes involving federal flood insurance policies belong in federal court because they present substantial questions of federal law. The U.S....more