REPOST: House Committee Advances 5-Year Flood Insurance Extension

A bill to overhaul the troubled U.S. National Flood Insurance Program, which covers more than five million homes and businesses in flood-prone areas, was approved on Tuesday by a congressional committee.

The bill, if approved in the full House and Senate, would reauthorize the program for five years and delay implementation of new rate maps for flood zones so homeowners newly included in a flood zone do not face an immediate new insurance cost.

The bill also calls for a range of administrative changes meant to make the program function more efficiently, said Democratic Representative Maxine Waters, who chairs a subcommittee that has worked on the issue.

[continue reading at Insurance Journal]

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Published in: on April 29, 2010 at 6:48 pm  Leave a Comment  

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