Tag: flood program

As Hurricane Season Begins, Smartersafer.org urges Congress to Pass Mitigation

Guest Author
insurance news

MEASURES TO PREVENT HIGH COST OF BEING UNPREPARED FOR NATURAL DISASTERS WASHINGTON ‒ With the 2013 hurricane season getting underway today, SmarterSafer.org is urging Congress to begin work on a legislative strategy to promote mitigation incentives that will minimize the financial impact disasters like Sandy. “Now that hurricane season is here, we should be reminded of the terrible cost of being unprepared for severe storms,” said SmarterSafer.org.  “It’s long past time for Congress to pursue a national mitigation strategy.  These kinds of measures will help save taxpayers billions of dollars…

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Flooding costs from Hurricane Irene to be covered in part by taxpayer dollars

Marc

As Hurricane Irene bowled through the east coast, it left behind a path of destruction caused by its high winds and rains, with initial estimates for the damage ranging from $2 to $7 billion. That said, much of the bill for rebuilding will be covered by taxpayer dollars. The reason for this additional cost to taxpayers is that the majority of home and business owners in the Northeast don’t have coverage for flooding caused by hurricanes, and the federal insurance program is already facing a debt worth billions of dollars.…

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House votes to renew the National Flood Insurance Program for another five years

S.Vagus

The National Flood Insurance Program has been renewed for another five years, after a vote from the House on Tuesday.  The program has been struggling financially for several years, unable to withstand the burden of past disasters and new clients. It has long been the last place people could find affordable flood insurance, especially after Hurricane Katrina drove many insurers away from coastal states. The program’s fate now lies in the hands of Congress, who must determine the final course of action before September 30th, when the program will expire…

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