Federal legislators rules late last week to extend the lifetime of the National Flood Insurance Program (NFIP) until May 31, 2012. The program had been scheduled to expire at midnight on December 23, which would have caused millions to lose their flood insurance. The Independent Insurance Agents & Brokers of America has praised the extension granted to NFIP, though the program still suffers under the weight of massive debt that threatens its ultimate longevity. For now, the program is safe, but legislators still need to tackle the financial issues that…
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National Flood Insurance expiration delayed until January, legislators still slow to act
There seems to be no resolution in sight for the troubles plaguing the National Flood Insurance Program (NFIP). The program, which provides thousands of homeowners with affordable flood insurance coverage, is scheduled to expire on December 18, but legislators have yet to make an attempt to fix what has been called by insurance professionals a broken system. NFIP has stood before Congress for several months now through a series of imminent expirations. Thus far, legislators have done little else beyond voting to extend the program for another month, but that…
Read MoreSome Lafayette parish residents will see a lower flood insurance rate
The Federal Emergency Management Agency has announced that some of the residents of Lafayette Parish and its incorporated parts will see a drop in their flood insurance premiums by up to 10 percent. The reason for the savings is that the Lafayette Consolidated Government is now taking an active role in the Community Rating System for the National Flood Insurance Program. This means that business and homeowners, as well as renters in Lafayette city and the unincorporated areas of Lafayette Parish may qualify for a decrease of between five and…
Read MoreNational Flood Insurance Program wins extension from Senate
The National Flood Insurance Program seems to have avoided expiration again, as federal legislators passed a new short-term funding bill that would keep the program afloat until December 16 of this year. The program has been burdened by crippling debt since 2005’s Hurricane Katrina. The majority of people in the U.S. have flood insurance provided by the program, which has put pressure on lawmakers to fix the program before these people lose their insurance coverage. Fixing the program, however, seems to be easier said than done. NFIP was scheduled to…
Read MoreLegislators 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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