UPDATE: Congress passes flood insurance extension, again punting reforms
Last edited Tue Jul 31, 2018, 02:11 PM - Edit history (1)
Source: Washington Post
The Senate on Tuesday passed a short-term extension of the federal flood insurance program, sending it to President Trump for his signature hours before an Aug. 1 deadline.
The 86-to-12 vote preserves access to flood insurance for U.S. homeowners, but it again punts on reforms to a program that now covers more than 5 million households and collects more than $3 billion in premiums yearly. The bill extends the authorization for the program and its ability to borrow funds through Nov. 30.
Lawmakers have been unable to move forward on changes to the program nearly a year after a string of hurricanes Harvey, Irma and Maria highlighted the fiscal stress on the program.
Claims in 2017 exceeded $8.7 billion, with more claims from last years storms expected to be filed in 2018. The National Flood Insurance Program has more than $20 billion in public debt on its books; another $16 billion was canceled last year to avoid a $30 billion ceiling on the programs borrowing.
Read more: https://www.washingtonpost.com/powerpost/congress-passes-flood-insurance-extension-again-punting-reforms/2018/07/31/82b72d08-94cb-11e8-a679-b09212fb69c2_story.html
Took them long enough.
Original article/title -
by Washington Post Staff July 31 at 12:56 PM
The legislation heads to President Trump for his signature.
The measure would extend the program for 5 million policyholders for another four months, extending it to Nov. 30 and the end of the hurricane season.
The House passed the measure on July 25 on a 366-to-52 vote.
This is a developing story. It will be updated.
https://www.washingtonpost.com/news/politics/wp/2018/07/31/senate-approves-short-term-extension-to-flood-insurance-program-hours-before-expiration-deadline/?utm_term=.c4eea1e0ecff&wpisrc=al_politics__alert-politics&wpmk=1
procon
(15,805 posts)This type of catastrophic insurance is expensive because there is no other alternatives for the people who can't get coverage by any other means. Why are Republicans playing these cruel games? They are only making homeowners scared and worried that their life's investment is at risk.
flotsam
(3,268 posts)is one more way poor peoples money subsidizes the unwise choices of the wealthy.
pnwmom
(108,925 posts)that were impacted by the floods in Texas and Louisiana.
flotsam
(3,268 posts)But here in New England ain't no poor folks with waterfrontage. But I have seen expensive vacation homes rebuilt multiple times.