Flood insurance

Lawmakers on the Senate Banking Committee voiced some scattered support for changes to improve the finances of the National Flood Insurance Program, but comprehensive reform appears out of reach. 

Tornado damage can leave lasting financial burdens on the homeowners they affect.

Farmers, CNA and The Hartford share resources.

According to a new report from the real estate firm Redfin, “Majority-Hispanic” neighborhoods are more likely to see their flood-insurance premiums rise than any other major ethnic or racial neighborhood group.

Digital Insurance spoke with Kevin Mitchell, president of TypTap Insurance Company.

Freddie Mac researchers led by Ajita Atreya found that homes directly exposed to projected sea-level rise command no discount over those that aren’t.

More than 126,000 commercial buildings in London are at risk from flash flooding. Climate change will heighten that threat.

Commercial structures across the U.S could face up to $13.5 billion in damage in 2022, an amount that will rise at least 25% over the next 30 years as climate change exacerbates flooding from sea rise, storms and extreme rain events, according to First Street Foundation.

The Federal Emergency Management Agency in April announced the first significant update to the beleaguered National Flood Insurance Program, which covers about 5 million properties. Premiums have risen steadily, but the program is more than $20 billion in debt, thanks in part to rising seas and stronger storms. Now, a quarter of the participants will see lower costs, while the remainder will see premiums rise in increments as high as 18% annually.

In other news: Amerisure implements One Inc ClaimsPay tech; California drivers report distracted driving is getting worse; HSB adds social media income to home cyber protection.