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Tag Archives: premium

Chaney drops lawsuit against National Flood Insurance Program

JACKSON — The state of Mississippi’s lawsuit against the National Flood Insurance Program (NFIP) will be withdrawn pending the Federal Emergency Management Agency’s (FEMA) implementation of a new law passed by Congress “intended to alleviate some of the draconian rate increases facing Mississippi homeowners,” Commissioner of Insurance Mike Chaney said. Chaney and the Mississippi Insurance Department filed suit Sept. 26, ...

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Concerns still high about possible flood insurance hikes

GREENVILLE — Henry Nathaniel has escaped the rising tide of flood insurance costs for now, but he’s still worried. The retired 70-year-old owns a 1,650-square-foot house valued at less than $50,000 on Greenville’s north side. He was already paying a relatively steep $550 a year to the National Flood Insurance Program. Then he got a notice in the mail saying ...

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Congress passes bill that eases flood insurance premium hikes

WASHINGTON — Less than two years after passing major legislation aimed at reforming the government’s much-criticized flood insurance program, Congress yesterday sent President Barack Obama a bill to scale back many of the resulting big flood insurance premium increases faced by hundreds of thousands of homeowners. The measure would also allow below-market insurance rates to be passed on to people ...

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Provision could nix some higher flood insurance premiums

WASHINGTON — Homeowners worried that new federal flood maps will send their flood insurance premiums skyrocketing would get some short-term relief under a provision tucked into a massive government-wide funding bill. But other changes to the federal flood insurance program, including higher premiums on businesses, vacation homes and frequently flooded properties will remain in place, as well as a new ...

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Homeowners see second-largest drop in home insurance premiums in U.S.

A new report on home insurance premiums is good news for the most of the nation and excellent news for Mississippians. According to the HomeInsurance.com RateReport, average 12-month U.S. home insurance premiums fell from December 2012 to December 2013. The average annual premium in December 2013 was about $823, down 9.5 percent from the $900 average at the end of ...

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Report: State ranks sixth-lowest in post-claim car insurance hikes

SAN FRANCISCO — Drivers pay an average of 38% more for car insurance after making a single claim, according to a new insuranceQuotes.com report. The hike is steepest in Massachusetts, where just one claim leads to an average premium increase of 67%. California (+62%) and New Jersey (+59%) are not far behind. Maryland has the lowest post-claim increase (+20%), followed ...

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Insurance Department files lawsuit; looks to block federal rate hikes

JACKSON — The Mississippi Department of Insurance filed a lawsuit yesterday against the federal government to try to block rates from increasing Oct. 1 in the National Flood Insurance Program. State Insurance Commissioner Mike Chaney said that unless something changes, some customers could see their rates rise by more than 3,000 percent because of a 2012 federal law. “Today, many ...

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Schools hit by spiraling insurance premiums, lack of providers

HATTIESBURG — Property insurance premiums have skyrocketed for Pine Belt school districts. Some have had problems just finding a company to insure them. Lamar County School District Superintendent Ben Burnett told the Hattiesburg American that his district’s premium was about $176,000 last year but just increased by $500,000. “I was shocked,” he said. “We always budget for a percentage increase, ...

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Cochran backing bill to delay flood insurance premium increase

WASHINGTON — U.S. Sen. Thad Cochran (R-Miss.) is supporting legislation that would delay planned National Flood Insurance Program (NFIP) premium increases for one year. Cochran serves on the Senate Homeland Security Appropriations Subcommittee that approved legislation that would, among other things, impose a one-year prohibition on the use of any Federal Emergency Management Agency (FEMA) funding to implement Flood Insurance ...

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