UPDATE: Congress passes flood insurance extension, again punting reforms

[BumRushDaShow]

Last edited Tue Jul 31, 2018, 02:11 PM - Edit history (1)

Source: Washington Post

The Senate on Tuesday passed a short-term extension of the federal flood insurance program, sending it to President Trump for his signature hours before an Aug. 1 deadline.

The 86-to-12 vote preserves access to flood insurance for U.S. homeowners, but it again punts on reforms to a program that now covers more than 5 million households and collects more than $3 billion in premiums yearly. The bill extends the authorization for the program and its ability to borrow funds through Nov. 30.

Lawmakers have been unable to move forward on changes to the program nearly a year after a string of hurricanes — Harvey, Irma and Maria — highlighted the fiscal stress on the program.

Claims in 2017 exceeded $8.7 billion, with more claims from last year’s storms expected to be filed in 2018. The National Flood Insurance Program has more than $20 billion in public debt on its books; another $16 billion was canceled last year to avoid a $30 billion ceiling on the program’s borrowing.

Read more: https://www.washingtonpost.com/powerpost/congress-passes-flood-insurance-extension-again-punting-reforms/2018/07/31/82b72d08-94cb-11e8-a679-b09212fb69c2_story.html

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Took them long enough.

Original article/title -

Senate approves short-term extension to flood insurance program hours before expiration deadline

by Washington Post Staff July 31 at 12:56 PM

The legislation heads to President Trump for his signature.

The measure would extend the program for 5 million policyholders for another four months, extending it to Nov. 30 and the end of the hurricane season.

The House passed the measure on July 25 on a 366-to-52 vote.

This is a developing story. It will be updated.

https://www.washingtonpost.com/news/politics/wp/2018/07/31/senate-approves-short-term-extension-to-flood-insurance-program-hours-before-expiration-deadline/?utm_term=.c4eea1e0ecff&wpisrc=al_politics__alert-politics&wpmk=1

[procon]

1. Short term? Why, no private insurer will ever offer similar coverage.

This type of catastrophic insurance is expensive because there is no other alternatives for the people who can't get coverage by any other means. Why are Republicans playing these cruel games? They are only making homeowners scared and worried that their life's investment is at risk.

[flotsam]

2. The Flood Insurance program

is one more way poor peoples money subsidizes the unwise choices of the wealthy.

[pnwmom]

3. Except most of the people who need flood insurance aren't wealthy. Look at the neighborhoods

that were impacted by the floods in Texas and Louisiana.

[flotsam]

4. Maybe in Texas

But here in New England ain't no poor folks with waterfrontage. But I have seen expensive vacation homes rebuilt multiple times.