Flood insurance program is still fishing in troubled waters

The Hurricane Irene flood damage has come at a bad time for the National Flood Insurance Program (NFIP) as Congress is currently debating the way in which the debt-strapped program will be overhauled when it expires on September 30. This looming expiry has real estate and insurance industry lobbyists saying that it is not likely that any long term agreement will be completed by lawmakers in time. For this reason, it is probable that the program will be extended over the short-term. One of the main issues being faced is…

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