Fed Bill Would Raise Some Flood Insurance
Wednesday, March 31st, 2004 Catastrophe PropertyInsurance premiums would be raised for homeowners in flood-prone areas who refuse to relocate or floodproof their homes under legislation that advanced to the full Senate on Tuesday, March 30. Senate Bill S. 2238, after clearing the Senate Banking Committee on a voice vote, would extend the National Flood Insurance Program for five years. A similar version of the Senate bill passed the House in November. "NAMIC applauds the Senate Banking Committee for favorably reporting legislation renewing the national flood insurance program into 2008, and including reforms designed to target properties suffering repeat losses by requiring homeowners who live in flood prone areas to take advantage of mitigation measures or be charged a higher premium for severe repetitive loss properties," said NAMIC Director - Federal Affairs Alane Dent.
