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In the Wake of Increased Storms, National Flood Insurance Program is Running out of Money

 
waht
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User ID: 24118278
United States
11/15/2012 01:38 PM
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In the Wake of Increased Storms, National Flood Insurance Program is Running out of Money
Still in debt from the deluge of insurance claims that followed Hurricane Katrina seven years ago, the federal government’s flood insurance program now faces billions of dollars in new claims as a result of super storm Sandy.



The National Flood Insurance Program fell $18 billion into debt after Katrina, a hole federal officials still haven’t climbed out of yet. Now, in the wake of Sandy, new insurance claims could total $7 billion for the program.



Under federal law, the program can only take on $3 billion in new debt.



To rectify the problem, Congress will need to act. The problem is that lawmakers just this summer overhauled the program by allowing large increases in premiums paid by vacation homeowners in flood-prone areas. Also, a costly federal bailout of the program would have to follow a potentially contentious showdown between Republicans and President Barack Obama over the extension of expiring tax cuts.

[link to www.allgov.com]
RuNuts

User ID: 7058234
United States
11/16/2012 01:36 PM
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Re: In the Wake of Increased Storms, National Flood Insurance Program is Running out of Money
I just read an article about this in an insurance trade publication today.

[link to www.propertycasualty360.com]

When is the general public going to get fed up with subsidizing those who choose to live in flood-prone areas?

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