Nearly everyone agrees on flood insurance reform. So why is it taking so long to pass a bill?
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National Flood Insurance Program
The issue of extending and reforming the National Flood Insurance Program continues to stall in Congress. While the U.S. House version of a reauthorization bill passed in July 2011 by a significant margin, the bill has yet to get a floor vote in the U.S. Senate. Sen. David Vitter, R-La., sponsor of a five-year extension [...]
FEMA sides with agents over consumers
Rather than encouraging flood insurance agents and brokers to compete, FEMA is ordering a halt to the practice of rebating commissions back to policyholders.
While the National Flood Insurance Program remains a flawed entity plagued by debt and mismanagement, simply eliminating it altogether would be disastrous for consumers and the real estate market. New reforms that alleviate some of the NFIP’s problems while giving the government insurer more financial flexibility is a sound intermediate step in fixing the nation’s [...]
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