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NAMIC calls for reform of flood insurance programPosted On Wed, August 31, 2011
As communities along the East Coast continue to clean up from Hurricane Irene, the National Association of Mutual Insurance Companies is calling for the National Flood Insurance Program to be reformed.
Because home insurance rates don't include flood coverage, homeowners must purchase it separately through the NFIP.
Funding for the government program has lapsed for several short periods during the past few years, causing instability in the industry, as lawmakers have passed short-term extensions instead of a full reform bill. The House has approved reform legislation, but the Senate has not yet taken it up.
"As Irene brings more attention to the issue, we are hopeful that the Senate will take meaningful action on NFIP reform, rather than resorting to a short-term extension," said Jimi Grande, senior vice president of federal and political affairs for NAMIC. "Allowing the NFIP to expire, or returning to the 'fits and starts' of repeated short-term extensions often mixed with repeated lapses, would be a disaster."
One of the states hit hardest by flooding from the storm has been Vermont. The heavy rain brought by the storm caused the worst flooding the state has seen in roughly 100 years, according to the governor.
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