Flood Insurance Update Passed By House
Today the House voted to update the federal flood-insurance program. The program, run by FEMA, provides over five million homeowners and businesses with subsidized flood insurance.
Congress hasn’t updated the program since 1994 and since then it’s been hit with some heavy debt. Losses have been in the billions in the wake of Hurricane Katrina and other floods in highly populated risk areas.
Updates to the bill include permitting an increase in premiums, deductibles and coverage and phasing out subsidies for vacation homes and homes located in areas repeatedly hit by floods.
According to the National Flood Insurance Program, nearly 21,000 communities participate in the program. To find out if your community is one of them and how much a flood insurance policy at your specific address will cost visit floodsmart.org.
Check back here for updates on the bill, the updates in the bill, if it passes the Senate and what it will mean for taxpayers.