Geoff Williams writes in the U.S. News and World Report about how to manage a basement flood and in this article, I talk about insurance, and how your basement can flood after a fire. Head over to U.S. News to read more.1 Also, Geoff wrote a book on the great flood of 1913, which affected huge swaths of the Eastern United States, including along the Miami River, where I grew up. His book, Washed Away, is available on Amazon. Image by Alec Perkins / Flickr. Why does U.S. News return 403 to some browsers, blocking embedded links? ↩
On May 3rd, this article ran in the Hamilton Journal-News. Hamilton fights federal government on flood hazard area AFFECTED PROPERTIES Most of the properties affected are west of where Two Mile Creek passes under Cleveland Avenue and east of Haverhill Drive. Long and short is, local business owner Mike Day was quoted as saying, “It just seems to be one more government-intrusive cost that I would have to end up paying because someone deems it necessary, that has probably never stepped foot on this street.” 1 The quote bothered me enough, that I posted it on Facebook leading to some
NPR has made a lot out of a report that insurance companies made $400 million in profit from flood insurance. This does not seem likely. When I wrote my text on flood insurance, I was unable to disaggregate profit numbers. Also, some of the figures given in the NPR report are simply incorrect. For instance, they show that 1/3 of premiums go to insurances companies. Insurance companies receive 15% to manage record keeping, sales, and claims processing. In addition, companies that sell well get up to 2% more, capping the amount insurance companies are paid at half of the 1/3rd
I am happy to say my book, Socioeconomic Effects of the National Flood Insurance Program, is now for sale. It has actually been available for a few days on SpringerLink. But now you can purchase hardcopies from Amazon and other websites. From the sales copy: This Brief presents a benefit-cost analysis of the National Flood Insurance Program (NFIP) as well as an evaluation of its cumulative socioeconomic effects. Created by Congress in 1968, the NFIP provides flood insurance protection to property owners, in return for local government commitment to sound floodplain management. Since 1994, the NFIP has included a Flood
Pennsylvania has set up a new website, similar to the health care exchanges, that provides access to private flood insurance. Florida also has such a system and it is something we can expect to see more of going forward. Pennsylvania’s site is here: Flood No Description Image by Branhower / DeviantArt.