As the East Coast continues to struggle with rampant floods caused by Hurricane Irene and Tropical Storm Lee, there may be hope on the horizon for many without flood insurance. The Senate Banking Committee has voted to overhaul the National Flood Insurance Program (NFIP) instead of letting the program cease at the end of the month. The panel’s vote supports an overarching legislation that would ensure that the federal insurance program would continue to run for another five years, a bill that had already been passed but was whose execution…
Read MoreTag: federal insurance program
Flooding costs from Hurricane Irene to be covered in part by taxpayer dollars
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.…
Read More