Download or read book The Flood Insurance Claims Process in Communities After Sandy written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing, Transportation, and Community Development and published by . This book was released on 2015 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Flood Insurance Claims Process in Communities After Sandy written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-09-19 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The flood insurance claims process in communities after Sandy : lessons learned and potential improvements : hearing before the Subcommittee on Housing, Transportation, and Community Development of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, second session, on examining the National Flood Insurance Program's claim process in th
Download or read book The Flood Insurance Claims Process in Communities After Sandy written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Housing, Transportation, and Community Development and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance Program written by and published by DIANE Publishing. This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance written by Brenda Murphy and published by Nova Science Publishers. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most destructive storm of the 2012 Atlantic hurricane season, Superstorm Sandy smashed ashore on the U.S. East Coast in October 2012 after cutting a path of destruction north from the Caribbean. Altogether, it has been estimated to have caused more than $68 billion in damage, and killed over 200 people in several countries. The second-costliest such storm in U.S. history behind only Hurricane Katrina in 2005 Sandy is reported to have killed at least 117 people in the United States alone, and it caused tremendous damage along the most populated coastline in the country. As a result, Sandy generated 144,484 claims under federal flood insurance coverage under the National Flood Insurance Program (NFIP). This book begins by laying out how the NFIP claims management process works, how its various pieces interact, and how the Federal Emergency Management Agency (FEMA) attempts to ensure quality control. It then explores the incentive structures that face insurance companies, claims processing vendors, adjusters, and engineers, and the management challenges that confront the NFIP as it attempts to handle catastrophic flood events.
Download or read book National Flood Insurance Program written by Cameron O'Kelly and published by . This book was released on 2014-05-14 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The National Flood Insurance Program written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-05 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Flood Insurance Program : oversight of Superstorm Sandy claims : hearing before the Subcommittee on Housing and Insurance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fourteenth Congress, first session, June 2, 2015.
Download or read book The National Flood Insurance Program written by Rawle O. King and published by Createspace Independent Pub. This book was released on 2013-01-05 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: On October 29, 2012, Hurricane Sandy struck the East Coast region, causing intense winds, high rainfall, waves, and storm surge, as well as economic disruptions in states throughout the Northeast and the mid-Atlantic region. Communities in New York, New Jersey, and Connecticut were particularly hard hit. The devastating floods exposed vulnerabilities in the region's public transportation and infrastructure and underscores the nation's growing exposure to coastal hazards. The full economic cost of Sandy will not be known for years, but current preliminary estimates of physical property damage, not including flood losses likely to be paid under the government's National Flood Insurance Program (NFIP), range from $30 billion to $55 billion, of which about $16 billion to $22 billion will be privately insured losses. Sandy is expected to require substantial federal disaster recovery assistance, including tens of billions for flood and hurricane protection and coastal restoration. Given the geographic scope of heavily flooded areas and residential take-up rates (number of flood policies divided by total number of households) in affected coastal communities that participate in the NFIP, government payouts under the NFIP are estimated to be from $12 billion to $15 billion in flood claims. This amount exceeds the $4 billion in cash and remaining borrowing authority from the Treasury Department. The Obama Administration has announced it will ask Congress to raise the NFIP borrowing authority to $25 billion, or $4.025 billion over its current borrowing authority. But some experts have suggested a $30 billion borrowing cap would be needed to cover even higher projected losses. Emergency supplemental spending on disaster assistance comes at a time when Congress is considering spending cuts and tax increases to address the nation's fiscal debt. In the wake of disaster clean-up and recovery along much of the East Coast region, policymakers, local officials, and other stakeholder groups have expressed a range of flood management concerns facing the NFIP. These include (1) escalating spending on federal emergency supplemental appropriations for disaster relief assistance; (2) uncertainty surrounding the NFIP's ability to reduce the nation's growing exposure to flood losses; (3) rising population growth and economic development in coastal watershed counties or floodplains areas exposed to hurricane induced coastal floods; (4) persistently low insurance participation (take-up rates) in the NFIP; and (5) financing the cost of rebuilding communities stronger, more resilient. On July 6, 2012, President Obama signed into law the Biggert-Waters Flood Insurance Reform Act of 2012, P.L. 112-141, that reauthorized the NFIP through September 30, 2017, and made a number of reforms to strengthen the future financial solvency and administrative efficiency of the program by raising historically low premiums and reducing homeowners' incentives for rebuilding in flood risk zones. However, several post-reform issues of contention remain for congressional consideration: revisions in the analysis and mapping of non-accredited levees; actuarial soundness, program solvency, and affordability; debt forgiveness; an integrated watershed flood risk assessment framework; and expansion of the private-sector role in flood risk. This publication provides an analysis of flood risk management, summarizes major challenges facing the NFIP, and outlines key reforms in the recently enacted Biggert-Waters Flood Insurance Reform Act of 2012. The publication also identifies and presents some key remaining flood management issues for congressional considerations, and it concludes with a discussion of relevant policy options for the future financial management of flood hazards in the United States.
Download or read book Flood Insurance in New York City Following Hurricane Sandy written by Lloyd S. Dixon and published by Rand Corporation. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Flood insurance payments can help households and businesses recover from an event and get the economy moving again. Premiums can also provide appropriate incentives to avoid or mitigate risk. This report examines dimensions of the changing flood insurance environment in New York City and explores the consequences for the city's residents and businesses.
Download or read book The National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance and published by . This book was released on 2015 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Look at the National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2006 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance Program written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: In August and September 2005, Hurricanes Katrina and Rita caused unprecedented destruction to property along the Gulf Coast, resulting in billions of dollars of damage claims to the National Flood Insurance Program (NFIP). This report, which we initiated under the authority of the Comptroller General, examines (1) the impact of Hurricanes Katrina and Rita on the NFIP and paid losses by location and property type; (2) the challenges the Federal Emergency Management Agency (FEMA) and others faced in addressing the needs of NFIP claimants and communities; (3) FEMA's methods of monitoring and overseeing claims adjustments; and (4) FEMA's efforts to meet the requirements of the Flood Insurance Reform Act of 2004 to establish policyholder coverage notifications, an appeals process for claimants, and education and training requirements for agents. To conduct these assessments, GAO interviewed FEMA and insurance officials, analyzed claims data, and examined a sample of reports done on the accuracy of claims adjustments.
Download or read book National Flood Insurance Program Preliminary Views on FEMA s Ability to Ensure Accurate Payments on Hurricane Damaged Properties written by and published by DIANE Publishing. This book was released on 2007 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Flood Insurance Claims Handbook written by and published by . This book was released on 2006 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Flood Insurance Program written by Orice M. Williams and published by DIANE Publishing. This book was released on 2008-05 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disputes between policyholders & insurers after the 2005 hurricane season highlight the challenges in understanding the cause & extent of damages when properties are subjected to both high winds & flooding. Questions remain over the adequacy of steps taken by the FEMA to ensure that claims paid by the National Flood Insurance Program (NFIP) cover only those damages caused by flooding. This report evaluates: (1) issues that arise when multiple insurance policies provide coverage for losses from a single event; (2) state regulators¿ oversight of loss adjusters; & (3) information that NFIP neglects to assess the accuracy of damage determinations & payments. Includes recommendations. Charts & tables.
Download or read book Building on Success written by and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Community Based Flood Insurance Option written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-10-08 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: River and coastal floods are among the nation's most costly natural disasters. One component in the nation's approach to managing flood risk is availability of flood insurance policies, which are offered on an individual basis primarily through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP is overseen by the Federal Emergency Management Agency (FEMA) and there are about 5.4 million individual policies in the NFIP. The program has experienced a mixture of successes and persistent challenges. Successes include a large number of policy holders, the insurance of approximately $1.3 trillion of property, and the fact that the large majority of policy holders - 80% - pay rates that are risk based. NFIP challenges include large program debt, relatively low rates of purchase in many flood-prone areas, a host of issues regarding affordability of premiums, ensuring that premiums collected cover payouts and administrative fees, and a large number of properties that experience severe repetitive flood losses. At the request of FEMA, A Community-Based Flood Insurance Option identifies a range of key issues and questions that would merit consideration and further analysis as part of a community-based flood insurance program. As the report describes, the community-based option certainly offers potential benefits, such as the prospect of providing coverage for all (or nearly all) at-risk residents and properties in flood-prone communities. At the same time, many current challenges facing the NFIP may not necessarily be resolved by a community-based approach. This report discusses these and other prominent issues to be considered and further assessed.
