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…
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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.…
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