Latest news with #NFIP
Scoop
5 days ago
- Politics
- Scoop
Nuclear-Free Exhibition Opened By Hon. Phil Twyford In Auckland; Calls For Inspired Peace And Regionalism
Press Release – Asia Pacific Media Network Twyford praises NFIP lead, calls for inspired peace and regionalism. Asia Pacific Report A former Minister and current opposition Labour Party MP has paid tribute to the Nuclear Free and Independent Pacific (NFIP) movement. Hon. Phil Twyford, Member of Parliament for Te Atatu and spokesperson on disarmament, said Aotearoa New Zealand must maintain its own independence, embrace stronger regionalism, and be a 'voice for peace and de-militarisation'. Speaking at the opening of the week-long 'Legends of the Pacific: Stories of a Nuclear-Free Moana 1975-1995' exhibition at the Ellen Melville Centre, Twyford referred to the 40th anniversary of the Rainbow Warrior bombing by French secret agents on 10 July 2025. 'Much has been made in the years since of what a turning point this was, and how it crystallised in New Zealanders a commitment to the anti-nuclear cause,' he said. However, he said he wanted to talk about the 'bigger regional phenomenon' that shaped activism, public attitudes and official policies across the region, and what it could 'teach us today about New Zealand's place in the world'. 'I am talking about the Nuclear Free and Independent Pacific movement.' Legends of the Pacific: Stories of a Nuclear-Free Moana 1975-1995 exhibition Nuclear Free and Independent Pacific Where: Ellen Melville Centre, 2 Freyberg Place, Paddy Walker Room, Auckland Central When: Daily, 10am to 4pm, until Friday 18 July 2025
Yahoo
11-07-2025
- Climate
- Yahoo
Is your house in a flood zone? This map has the answer
Flooding is the most common and costly natural disaster in the United States, and it doesn't take a major storm to create major problems. Now, a free tool makes it easier than ever to check whether your property is at risk. The FEMA Flood Map Service Center offers an interactive map that allows anyone in the U.S. to enter their address and see if they live in a designated flood zone. The tool can also be used to explore other areas, making it helpful for those planning a move, managing a rental property or checking on family or friends in another region. "The FEMA Flood Map Service Center (MSC) is the official public source for flood hazard information produced in support of the National Flood Insurance Program (NFIP)," FEMA said on its website. "Use the MSC to find your official flood map, access a range of other flood hazard products, and take advantage of tools for better understanding flood risk." Flood maps aren't set in stone. FEMA works with local communities through its Risk MAP program to collect updated data on flood hazards. As weather patterns shift and development continues, flood zones can change, which can put new properties in the path of floodwaters. What to do if you are in a flood zone It doesn't take feet of water to cause thousands of dollars in damage. Even an inch of floodwater inside a home can lead to ruined flooring, structural issues and long-term concerns like mold. "Most homeowners insurance does not cover flood damage," FEMA said. "Flood insurance is a separate policy that can cover buildings, the contents in a building, or both, so it is important to protect your most important assets - your home, your business, your possessions." Flood insurance can be expensive, but it is important when flooding strikes. In Texas, only around 7% of all homes are covered under flood insurance, meaning some people severely impacted by the recent deadly flooding could be responsible for the damage to their properties. If you find your home is in a flood-prone area or you simply want to be better prepared, experts suggest following the RISK framework: •R: Reduce your risk: Take action around your property to lower the chance of flood damage when heavy rain strikes. This ranges from having a working sump pump in your basement to reporting clogged storm drains on your street. •I: Insure your risk: Talk with a representative with your home insurance company to assess your needs. Some homeowners may want to purchase flood insurance through the National Flood Insurance Program (NFIP). •S: Share information on risk: Talk with your neighbors who may face a similar flood threat. •K: Know your risk: Use tools like FEMA's Flood Map Service Center to understand the risk of flooding in your area. Residents can also contact local officials and emergency management offices for more specific information for their location.
Politico
11-07-2025
- Business
- Politico
A new challenge for flood insurance
Presented by Editor's note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day's biggest stories. Act on the news with POLITICO Pro. QUICK FIX Devastating floods in Texas are exposing a growing problem that Congress may have to weigh when considering overhauling the National Flood Insurance Program. As extreme weather and flooding become more frequent in areas where homeowners don't typically hold federal flood insurance policies, policymakers could be forced to look at how to make the NFIP more attractive to non-coastal homeowners. However, this could tax the program even more as it nears its $30.4 billion debt ceiling. The floods in Texas and continued cleanup from the deluge in North Carolina have brought the issue front and center as Congress begins to figure out how to sustain a program that acts as the country's de facto risk management tool for flood events. Only about 2 percent of Kerr County, Texas, and 1.5 to 7 percent of surrounding counties, the main area impacted by the Texas flooding, are insured, leaving a large majority of the estimated 65,000 residential structures uncovered, according to data from the NFIP. 'It just exposes the flood insurance gap, and that we all need to continue to do a better job of making sure that people realize that floods can happen anywhere, and they do happen, they're devastating, and so insurance is one way you can help protect the financial future of your family or small business,' said David Maurstad, former senior executive of the NFIP under the Biden administration. NFIP provides 95 percent of all flood insurance policies in the country, but the program has been subject to a cycle of short-term reauthorizations by Congress. The next deadline is Sept. 30, marking the 34th reauthorization in eight years. Lawmakers have avoided tackling a long-term strategy to improve the NFIP, which is chronically in billions of dollars of debt to the Treasury and is being pushed closer to a breaking point with every new natural disaster. The aftermath of flooding in places outside of coastal areas prone to hurricanes may force policymakers to confront the new reality that could add even more pressure to the embattled program: If property owners in communities surrounding the areas impacted by the flood in Texas follow the typical trend, some may start looking to buy NFIP policies. But expanding access to the program won't be easy. One of the main barriers to flood insurance policies is people's willingness to pay the price. NFIP's new pricing model, Risk Rating 2.0, implements additional flood risk variables and 'is mandated by Congress to set rates that are actuarially sound to reflect each covered property's true flood risk and are fairly distributed based upon individual risk levels,' according to the program's website. The average NFIP premium is $786 per year, according to FEMA data from 2023. Risk Rating 2.0 has gotten some flak from lawmakers. In June, Sen. Bill Cassidy (R-La.) and nine other colleagues demanded an end to the policy. They said that NFIP premiums have increased in every state and 'by FEMA's own estimates, 77 percent of all NFIP policies now pay more than under the old system.' Congress has 'got to look at [NFIP], and they've got to incentivize it, or something else a little more so you can start to get more coverage across the country' not just in the traditional coastal areas, said Chris Steubing, executive director of the Texas Floodplain Management Association. NFIP talks are ongoing, both insurance subcommittee chairs, Rep. Mike Flood (R-Neb.) and Sen. Mike Rounds (R-S.D.), have previously told POLITICO, and both members want to make progress this year. But no concrete plan has materialized yet. 'I'm concerned that there's a lot of people out there who might consider buying flood insurance if it was less expensive,' Rounds said. IT'S FRIDAY — Feel free to send any tips about insurance, financial services or small business to Katherine at khapgood@ And as always, send MM tips and pitches to Sam at ssutton@ Driving the day The Washington International Trade Association holds a virtual discussion, 'Former Trade Negotiators Unpack the July 9 Tariff Deadline,' beginning at 9 a.m. … Treasury's monthly budget statement will be released at 2 p.m. … Vietnam: deal or no deal? — 'Vietnam thought it had a preliminary deal with the U.S. to lower its tariff level substantially. Then, at the last minute, President Donald Trump raised the rate,' report Daniel Desrochers, Phelim Kine and Ari Hawkins. 'As a result, the Vietnamese government still has not formally accepted a key part of the agreement the president touted on social media last week, despite Trump's claim in the post that the terms had been agreed to by Vietnam's leader, Tô Lâm, according to four people familiar with the discussions…' Vought Pressures Powell Over Fed HQ Renovation — A key Trump official said Federal Reserve Chair Jerome Powell has 'grossly mismanaged' the institution and demanded more information about the central bank's renovation of its headquarters in Washington, Bloomberg reports. 'The President is extremely troubled by your management of the Federal Reserve System,' Russ Vought, director of the White House Office of Management and Budget, wrote in a letter addressed to Powell on Thursday. 'Instead of attempting to right the Fed's fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C., headquarters.' The Economy ICYMI — From Sam: 'Tariff inflation hasn't shown up. Here's why it matters for Trump and the Fed.' Counterpoint — Unlimited Funds Co-Founder, CEO and CIO Bob Elliott — a frequent flyer around MM — published his own (paywalled) analysis Thursday contending that consumers are already seeing tangible effects from tariff-related price increases. Based on Elliott's calculations, 'the rise in tariffs should have created a 1.5 percent price increase on core goods and a 1.9 percent increase on durable goods prices.' Dimon tells Europe: 'You're losing' — JPMorgan Chase CEO Jamie Dimon warned European leaders they have a competitiveness problem and that they are currently 'losing' the battle to rival the US and China, per the Financial Times. 'Europe has gone from 90 percent US GDP to 65 percent over 10 or 15 years. That's not good,' Dimon said at an event in Dublin organized by the Irish foreign ministry. 'You're losing.' On The Hill Possible quick crypto win for Trump — President Donald Trump is set to notch his first big legislative win on cryptocurrency policy next week, as House Republicans prepare to accept a Senate bill to create new rules for stablecoins, Jasper Goodman reports. The chamber is set to vote early next week on the Senate's GENIUS Act, which would create the first-ever U.S. regulatory framework for so-called stablecoins that are pegged to the value of the dollar. The bill, which passed the Senate last month with bipartisan support, is poised to become the first major crypto regulatory measure ever adopted by Congress. Gould confirmed as OCC head — The Senate on Thursday approved Jonathan Gould's nomination to serve as Comptroller of the Currency, making him the first confirmed head of the agency since 2020, per Jasper. At the regulators Happy big banks — The Federal Reserve is seeking comment on a new supervisory framework for the largest U.S. banks. 'Nearly two-thirds of the large financial holding companies are not 'well managed' despite having capital and liquidity levels substantially above regulatory requirements,' Vice Chair for Supervision Michelle Bowman said in a statement. 'The proposal would generally require a deficiency in either a large bank holding company's capital or liquidity ratings, in addition to a deficiency in its governance and controls, in order to be classified as not well-managed.' Outgoing Financial Services Forum President and CEO Kevin Fromer — whose organization represents the largest U.S. banks — praised the proposal as a 'welcome development to help focus supervision on material, financial risks.' Jobs report Eileen Braden has been named the new head of U.S. government relations at JPMorgan Chase, where she'll be tasked with leading the integration of the bank's federal and state government relations. Braden joined JPMorgan in 2017 and previously led the bank's state and local government relations team. M&T Bank Corp. has named Sam Mayper as a senior vice president of federal government relations. Mayper was previously a vice president at the Independent Community Bankers of America.
Boston Globe
11-07-2025
- Business
- Boston Globe
Floods come again. Is it time to get flood insurance?
First things first, what is flood insurance? Standard homeowner insurance generally covers water damage, but that's different from flood damage. Flood insurance is offered through a separate policy and specifically covers property damaged by a flood. What's the difference between water damage and flood damage? Advertisement Water damage can be as simple as a pipe leaking or a washing machine breaking and damaging belongings. A flood has a specific description, defined by the National Flood Insurance Program as 'a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Do I need to get flood insurance? It depends. People who live in a designated floodplain face higher flood risk and should consider getting flood insurance -- if they don't have it already. The government has created an Even if your house is not within high-risk zones, you might be close to one. In that case, you might still want to get flood insurance. Advertisement In other cases, your house may not be near a high-risk flood zone, but it could still be at risk of flooding if, for example, it's at the bottom of a hill or a cul-de-sac. Again, you might consider flood insurance. How do I get flood insurance? Many homeowners insurance brokers offer flood insurance in a separate policy. If you can't find a reasonable private policy, the federally-run National Flood Insurance Program is an option. The federal insurance is usually cheaper than private policies, but has lower coverage limits. How much does it cost? The average flood insurance cost in Massachusetts is $1,142 per year from the NFIP program, according to the personal finance company, Properties located in flood zones but at higher elevations might qualify for reduced policy rates. You can request an elevation inspection through What about coverage? The downside to purchasing flood insurance through the NFIP is its coverage cap. The maximum building property coverage is $250,000 and content coverage of $100,000. Private insurers can offer a much higher coverage, but it comes with a cost. Motor vehicles are not covered by flood insurance, but auto policies with comprehensive insurance typically cover flood damage. I want to sell my property, should I cancel my flood insurance? Not yet! If you purchased your flood insurance through NFIP, you may be eligible for a grandfather rule. This rule means the agreed policy price is locked and won't increase when transferred to a new homeowner, which could be a selling point. If you cancel your insurance, the next homeowner might have to pay a lot more. Advertisement What about the future? Climate change is accelerating natural hazards. scientists agree. Wildfires, hurricanes, storms and floods are more common and brutal each year. In 2024, Many homeowners insurance companies Yogev Toby can be reached at
Hindustan Times
10-07-2025
- Climate
- Hindustan Times
Tropical Storm Chantal causes up to $6 billion in damage in North Carolina and South Carolina; Full details here
Tropical Storm Chantal triggered torrential rainfall and flash floods in North Carolina and South Carolina over the Fourth of July weekend. Now, a preliminary assessment from experts at Accuweather has put the damage and economic loss caused by the storm between $4 billion and $6 billion. A press release by the weather site stated that the estimated amount is preliminary and could increase as more areas report information about injuries, deaths, and other impacts. Chantal, the third named storm of the 2025 Atlantic hurricane season, resulted in torrential rain and flooding in North and South Carolina, with damages estimated at $4 to $6 billion.(AP) The third named storm of the 2025 Atlantic hurricane season, Chantal, made landfall near South Carolina's Litchfield Beach on Sunday morning before moving inland into North Carolina. Also Read: Massachusetts weather radar: Flash flood warning issued in these 6 counties- Here's what we know Tropical Storm Chantal's estimated damage The assessment by Accuweather took into account damage to businesses and homes, tourism losses, damage to infrastructure, and impacts to shipping operations at major locations. Apart from that, disruptions to supply chain logistics and commerce, major travel delays, and financial losses from extended power outages were considered as well. AccuWeather Chief Meteorologist Jonathan Porter said that Chantal was a reminder of how tropical storms, which 'spin up quickly near the coastline,' lead to dangerous coastal and inland flooding. Porter explained, 'There is a long history of fast-developing and slow-moving tropical storms that have caused life-threatening flooding. Some of the most destructive flood events in our nation's history were caused by tropical storms or unnamed tropical rainstorms. It's crucial that people never let their guard down during hurricane season.' As per the press release by Accuweather, the organization predicts 13 to 18 named storms this hurricane season, out of which three to six could have direct impacts on the United States. In May, the organization pointed out that there was once again an increased risk of tornadoes, flash floods, damaging winds, and other impacts from hurricanes reaching far inland this year. Also Read: Tropical Storm Chantal: These North Carolina counties face severe flash flood threats Will insurance help with Tropical Storm Chantal damages? According to the Tampa Free Press, Chantal led to over 10 inches of rain in some areas. Over 100 road closures and flooding incidents were recorded. A section of State Highway 902 also collapsed in Chatham County due to the storm. As per Accuweather, many residents in the US are underinsured for flood-related losses. Though the National Flood Insurance Program (NFIP) uptake is usually higher in communities around rivers, the widespread nature of Chantal's flooding is a big challenge when it comes to assessing damage and recovery. FAQs How much damage has Tropical Storm Chantal caused in the US? A preliminary estimate by Accuweather puts the damage and economic loss between $4 and $6 billion. Where did Tropical Storm Chantal make landfall? The storm made landfall in South Carolina, near Litchfield Beach. How many tropical storms could occur this hurricane season? As per Accuweather, 13 to 18 named storms could occur in the 2025 Atlantic hurricane season. Three to six of these storms could directly impact the US.
