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Posts Tagged ‘insurance’
Letter to the Editor: Student health insurance fees unfair | The Aggie
Students should be aware and careful with their financial bills because the university has a slick way of making money. This is a warning for students to pay special attention of a hidden fee. Students do not understand that they are allowing the university to take their money without authorization.
This issue is critical in relation to health insurance. Rather than requesting insurance, the university puts the onus on the student to opt out of having health insurance specifically provided by the university. This burden and confusion can cause unnecessary debt of hundreds of dollars for the student.
In all fairness, the university policy should be that students opt in to the insurance, not the current policy of requiring students to opt out. This is especially crucial for freshmen and transfer students who have stacks of paperwork to fill out and could easily miss the requirement that they sign a waiver in order to relieve the pain of paying unnecessary health insurance for another plan when they are already covered by their parents?.
This mandatory health insurance fee may be just another way for the university to take an unnecessary amount of money away from the students who are already overburdened by the tuition increase. Even in the event of a human or technological error, no help is provided to give the student his or her money back once the University has taken it.
Ivor F. Benci-Woodward, Jr.
Senior film & media studies major, education minor
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Senate advances bill for flood insurance (Reuters)
WASHINGTON (Reuters) ? A Senate committee advanced a bill to approve billions of dollars in funding for national flood insurance just weeks before the troubled program is set to expire and as a series of storms swamps the country.
The bill would reform the National Flood Insurance Program, which insures millions of U.S. property owners, and keep it afloat for five years.
It must go to the full Senate for a vote and then be reconciled with the version the House of Representatives passed this summer.
It is unclear if that will happen before the program is due to expire on September 30, but members of the Senate Banking Committee were optimistic about the progress.
“We’ve worked hard on this. We’ve worked on it for years. It’s a complicated bill and I think we’re going in the right direction,” said Senator Richard Shelby, the most powerful Republican on the Banking Committee.
The bill would address premium increases, levy-building, business interruption insurance and floods in progress. Both Democrats and Republicans on the committee, though, described it as unfinished.
“We have agreement in principle. We couldn’t cross all of our T’s and dot all of the I’s last night,” said New York’s Charles Schumer, a Democrat.
The NFIP insures homeowners against flood damage and is virtually the only place to get protection against storms.
It is managed by the Federal Emergency Management Agency. Policies are sold by dozens of private insurers, with premiums going to FEMA.
The NFIP had to be bailed out by taxpayers after it was swamped by claims from Hurricane Katrina in 2005. Now it is roughly $18 billion in debt and unable to pay the money back.
A series of abrupt program expirations and annual renewals have created uncertainty and roiled the market.
“I want a full-blown multi-year reauthorization. I don’t want to let up pressure on that at all,” said Senator David Vitter, a Republican from Louisiana.
“But I think it’s going to be clearly uphill to do that before September 30. I hope we all work together and make sure well ahead of September 30 we pass any necessary extension.”
While August’s Hurricane Irene was not as strong as Katrina, it caused severe and widespread flooding in some of America’s most populated — and most expensive — areas. As Vermont and other Northern states recover from Irene, Southern states are currently contending with Tropical Storm Lee and the country is bracing for a hit from approaching Hurricane Katia.
(Reporting by Lisa Lambert, additional reporting by Ben Berkowitz in New York, editing by Matthew Lewis)
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Federal flood insurance now available in the City of Sturgis | River …
The City of Sturgis has joined over 21,000 communities nationwide that are allowed to purchase federally backed flood insurance. This availability follows the City?s adoption and enforcement of ordinances that reduce flood losses and acceptance by the National Flood Insurance Program (NFIP) which was approved by the City Commission in June.
The City of Sturgis is now a participant in the NFIP effective on August 4, 2011. Residents of the City of Sturgis will be able to purchase flood insurance up to the limits under the Regular Phase of the program. However, there is a 30-day waiting period before flood insurance coverage goes into effect. For single-family dwellings, the building coverage limit is $250,000 and the contents coverage limit is $100,000. Renters can also protect their belongings by purchasing contents coverage. For commercial properties, the building and contents coverage limits are both $500,000.
Lenders must require borrowers whose properties are located in a designated flood hazard area to purchase flood insurance as a condition of receiving a federally backed mortgage loan in accordance with the Federal Disaster Protection Act of 1973.
The NFIP is implemented through the Federal Emergency Management Agency. There are over 5.5 million flood insurance policies in more than 21,000 participating communities nationwide.
Source:? The Sturgis eWire
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