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Flood insurance splits GOP, spurs bipartisan dealmaking as deadline looms

Lawmakers will have precious little time to address issues with the Insurance program, in addition to funding the government, raising the nation's debt limit and reauthorizing the Federal Aviation Administration.

The panel has drafted a package of bills that would reauthorize the Flood Insurance program for five years, shrink its footprint, ramp up what policyholders pay and make it easier for private companies to compete.

In July, 26 Republicans from states including New York, Texas, Mississippi and Florida told House leadership that one iteration of the committee's package would make Flood insurance unaffordable for their constituents.

“Despite the fact that the NFIP was created decades ago to protect homeowners, many believe everyone’s rates should go up just to make sure it can fund outlier events like Hurricane Katrina," Rep. Steven Palazzo, who signed the letter, later wrote in Mississippi's Sun Herald newspaper.

Hensarling later agreed to walk back a set of controversial provisions that would have phased out coverage for new construction in areas at high risk of flooding and opened the door to escalating rates for some properties.

READ MORE (Politico)

  • The US is good at responding to flood damage. We're terrible at mitigating it.Vox
  • Hurricane Harvey Threatens Largest Flood Insurer: The GovernmentWall Street Journal (subscription)
  • Most Homes In Tropical Storm Harvey's Path Don't Have Flood
  • How Hurricane Harvey Could Cause Long-Term DevastationThe Atlantic
  • As waters rise in Harvey's wake, many Texans lack flood coverageDallas News
  • Hurricane Harvey Recovery: Six Tips for Filing an Insurance ClaimMarkets Insider
  • Hurricane Harvey May Add to Debt Woes of US Flood Insurance ProgramJakarta Globe
  • Get Your Due From a Homeowners or Flood Insurance
  • The National Flood Insurance Program Is a MessCityLab

This post first appeared on The 5th News, please read the originial post: here

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Flood insurance splits GOP, spurs bipartisan dealmaking as deadline looms


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