News and Publications
Seminars and Services
Government Affairs
About NAMIC
|
|
Read
Senate Passes Flood Insurance Legislation; NAMIC Comments
WASHINGTON (June 16, 2004)-Yesterday, the Senate passed legislation that reauthorizes the National Flood Insurance Program (NFIP) for an additional five years.
The Bunning-Bereuter-Blumenaur Flood Insurance Reform Act of 2004 (S. 2238) would impose actuarial risk-based rates for flood insurance on property owners who have had two or more National Flood Insurance Program (NFIP) claims paid out by FEMA and who have refused buyouts, elevation or other flood mitigation measures funded by FEMA
Earlier this month, NAMIC participated in a joint industry coalition urging Congress to reauthorize the NFIP prior to the June 30, 2004, deadline.
"NAMIC supports efforts to reauthorize and reform the national flood program," said David Winston, NAMIC federal affairs senior vice president. "These reforms would help FEMA reduce the amount of money spent on frequently flooded properties," said Winston.
Congress created the NFIP in 1968 to address the increasing costs of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by floods. Prior to this time, many homeowners were unable to insure against flood losses because private insurers did not offer such coverage. However, in recent years, there has been more awareness of the problem of providing continuing assistance to repetitive loss properties.
"NAMIC believes that it is reasonable to require homeowners who live in flood-prone areas to take advantage of mitigation measures offered by FEMA as a condition of receiving future disaster relief," said Winston.
"Most importantly, we are very pleased that Congress is moving forward in reauthorizing the NFIP which is set to expire at the end of this month," said Winston.
For further information contact:
Robert Detlefsen at rdetlefsen@namic.org
or (317) 875-5250
Latest Issue News
Flood Reform Battle Headed for Next Congress After Short-term Extension Passed (10/7/2008)
RMS Estimates Insured Losses of Less than $750 Million from Hurricane Dolly (7/29/2008)
Indiana: Insurance Industry Responds to Storm Damage (6/9/2008)
Receive State-specific Updates
Receive e-mail updates from NAMIC Online regarding the states of most interest to you. You will only receive an e-mail when new stories are posted, and only for those states you select. No new news...no e-mail.
= access available only to registered users from NAMIC-member companies