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The House Financial Services Committee on Thursday passed two bills to reform the National Flood Insurance Program (NFIP). One is a broad reform proposal that seeks to encourage more private insurance and move the program toward actuarial-based rates, while the other addresses premium credits for mitigation efforts and underwriting of urban properties.
Committee Chairman Rep. Jeb Hensarling (R-Tex.) said the committee will reconvene on June 21 to consider additional bills to reauthorize the NFIP
The NFIP will expire on September 30 of this year unless Congress acts to renew it.
The property/casualty insurance industry still has some qualms about the major bill advanced by the committee because it cuts the reimbursement allowance for private insurance carriers and agents participating in the program.
The major bill p;
assed is the 21st Century Flood Reform Act of 2017 (H.R. 2874), which was introduced by Rep. Sean Duffy (R-Wis.), chairman of the House Financial Services Subcommittee on Housing and Insurance. It passed by a vote of 30-26. It is a broad proposal that incorporates many of the ideas in individual bills. It aims to put the NFIP on stronger financial footing; improve flood mapping, mitigation efforts and claims handling; and encourage greater private insurer participation in the market
Please enjoy the full article below;
http://www.insurancejournal.com/news/national/2017/06/16/454822.htm#
Please call Gateway Insurance at 954-735-5500 for free quotes on Home Insurance, Auto, Flood, Private Flood, Business & Commercial, & Life & Financial products as well.
Some coastal residents always put off emergency preparations until storm clouds loom on the horizon. The National Hurricane Center is going to try giving those people a deadline this year, issuing experimental advisories showing when tropical-storm force winds may hit particular communities to help them understand when it’s too late to put up storm shutters or evacuate.
The forecasters’ advisories will be fueled by more data than ever, thanks to new weather satellites and an expanded network of underwater gliders.
New Advisory
To help people understand when storm preparations should be completed, the hurricane center will experiment with advisories showing the times when sustained tropical-storm force winds are estimated to hit land. If a tropical disturbance nears shore, forecasters also could post advisories or warnings before it develops into a tropical depression or named storm.
Florida’s emergency management director, Bryan Koon, said the new advisories could help validate evacuation orders for people who complain about “hype” around approaching storms.
“We can say, `Listen, this is when things are going to get bad in your area,”’ Koon said. “We can also use that to say, `A few hours ahead of that, stores are going to close, roads are going to get jam-packed with people, we might have to shut down power substations.”
Storm surge watches and warnings will be issued this year when U.S. coastlines are at risk for life-threatening flooding.
Please enjoy the full article below;
http://www.insurancejournal.com/news/southeast/2017/06/07/453709.htm
Please call us at our new contact phone number 954-735-5500 for free quotes on Home Insurance, Auto, Flood, Private Flood, Business & Commercial, & life & Financial products as well. My new e-mail is lee.gorodetsky@acentria.com and my new title is the VP of personal lines marketing.
The 2017 hurricane season begins June 1, yet the Atlantic Ocean already has produced Tropical Storm Arlene, which was only the second named storm on record to have formed in April. Citizens urges you to prepare for this year’s hurricane season and provides the following information to assist you and your staff in preparing.
14-17 named storms are expected and 7-9 could become hurricanes as well as 3 major Hurricanes. 2-3 could possibly have a US landfall so please be prepared!!
Storm Watch/Warning Issuance Changes
Due to advances in forecasting, beginning in 2017, the National Weather Service (NWS) may issue advisories, watches and warnings for weather disturbances that are not yet a tropical cyclone but pose a threat of bringing tropical storm or hurricane conditions to land areas within 48 hours. Previously, NWS was not permitted to issue watches and/or warnings until after a tropical cyclone officially had formed.
Customer Outreach Citizens has the following brochures for your Citizens policyholders:
The Home Insurance Guru 