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Town qualifies for National Flood Insurance Program too latePosted On Mon, June 21, 2010
The good news for residents of flood-ravaged Twin Oaks, Missouri is that their town finally qualifies for coverage from the National Flood Insurance Program. The bad news is that the program does not currently exist.
Thanks to rampant flooding in the town, its trustees invited state officials to their meeting last week, according to the St. Louis Post-Dispatch. After hearing their presentation, the Missouri Emergency Management Agency initiated the process for the village to qualify for coverage from the NFIP. A resolution has been adopted by the board and the approval process will take about two months. The town will also use some money to improve town property that has been damaged by flooding.
Unfortunately, however, the NFIP isn't in a position to give coverage to anyone right now, thanks to a lapse in funding from Congress. According to a report from FOX News, the program is so deeply in debt that legislators allowed the program to discontinue new policies being issued. The NFIP is $19 billion in debt, and Congress has repeatedly voted down a bill to extend its funding because it will add billions to the national deficit.
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