Legislators look to revoke insurance mandate on areas protected from floods

Two legislators are looking to reverse federal flood-insurance mandates requiring property owners in areas protected by flood-control structures to have flood insurance. Senators Thad Cochran of Mississippi and Mark Pryor of Arkansas say that the mandate presents an undue financial burden to those living in areas that are not prone to floods due to the protective measures taken against such a happening. The legislation in question is part of the National Flood Insurance Program, which itself is the subject of much debate in Congress due to its financial instability. The…

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Flood insurance companies prepare for a potentially disastrous summer

The National Oceanic and Atmospheric Administration’s National Weather Service announced last week that this summer’s flooding season may be the worst on record. Both the Mississippi and Missouri Rivers are currently overrunning their banks, inundating much of their surrounding areas with water. There are also several other, smaller rivers , that are also flowing over as well. Some have served as emergency spillovers for larger rivers, but none have been able to stem the flow of the water. Much of the flooding is due to storms far to the north,…

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Arkansas farming industry calculate high millions in lost crops

Residents and farmers from the eastern part of Arkansas are getting their first looks at the destroyed homes and ruined farmland that have resulted from the massive flooding in that region.  Many parts of the state rely primarily on agriculture as their main industry.  According to the Arkansas Farm Bureau, an estimated $500 million has been lost in crops due to farm flooding, with an estimated millions more having been lost as a result of other damage such as to equipment.   The Farm Bureau also stated that agriculture typically brings…

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Uninsured schools lie in direct path of flooding

Louisiana’a Morganza Spillway was opened early last week by the U.S. Army Corps of Engineers in an effort to relieve pressure from the swelling Mississippi River. Waters coming through the spillway are expected to cause damage to crops along their way to the Atchafalaya River. However, the amount of water pouring is causing the river to overrun its banks, putting a number of schools in the area at risk of flood damage.  Many of the schools are not covered by any form of flood insurance. Risk manager for the Terrebone…

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Several rally to keep government flood program intact

Record flooding has put Mississippi in a state of disarray. The extent of flood damage is proof enough of the importance of insurance coverage, says the state’s Insurance Commissioner, Mike Chaney. Spurred by the flooding, Chaney is petitioning Congress to renew the National Flood Insurance Program (NFIP) for another 5 years. Chaney argues that Mississippi residents relying on the program for coverage should not have to worry about their only means of protection disappearing. Several other Insurance Commissioners from across the country have joined in support of the continuance of…

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