The House on Tuesday passed a bill to renew and overhaul the National Flood Insurance Program (NFIP) after months of negotiations between fiscal conservatives and lawmakers from coastal areas. Called the 21st Century Flood Reform Act, the bill renews the debt-riddled NFIP for five years, updates federal flood mapping requirements and seeks to bolster an… Continue reading House Passes Bill to Renew, Overhaul Federal Flood Insurance
Tag: flood insurance
Frequent Flooders Drain Federal Insurance Program
Payouts for properties that flood repeatedly have been a sticking point in congressional talks on a revamped flood insurance program, which may come up for a House vote this month. Such properties have been a huge drain on the financially troubled program, with some 750 properties costing the National Flood Insurance Program roughly $800 million… Continue reading Frequent Flooders Drain Federal Insurance Program