Property Insurance

FEMA FloodMaps Michigan Flood Insurance Upset

The new flood maps drawn up by the federal emergency management agency, will have a high financial cost for homeowners. While they may not have previously been located in a flood prone area, some Michigan resident’s homes are now deemed likely to flood. This could have a high financial impact on them if they are required to purchase flood insurance, which is likely.

Michigan lawmakers have heard numerous complaints by residents about the potential cost associated with the new maps. Homeowners who have never before had to purchase flood insurance are worried about the increased cost of living they will incur. To help offset this surprise cost, lawmakers have created the Floodplain Maps Moratorium Act.

This act will allow homeowners that are now part of the new flood zones to not have to purchase flood insurance for another five years. Flood insurance can run upwards of $100 dollars a month. In the downed economy that money makes a significant difference for families and the monthly expenses they already have.

Florida Senate Awaits Testimony on Property Insurance Bill

Voting was delayed on a property insurance bill that was proposed in the Florida Senate. The bill for property insurance is in regards to sinkhole claims that are fradulent and excessive.

Home Insurance

The Banking and Insurance Committee won a postponement to hear more testimony. This bill would help insurance companies deny coverage for sinkholes.

Property Insurance

Fradulent claims have possibly caused insurance companies millions of dollars. The three counties with a large amount of sinkhole claims are Paco, Hillsborough and Hernando. The state if Florida has been hit by several Hurricanes and storms and many policy holders are believed to be using this to bilk the insurance company with claims without merit.