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Jul 16, 2010 6:51 AM by Sharlee Barriere

House OKs Overhaul of US Flood Insurance Program


WASHINGTON (AP) - The House has voted to overhaul the
debt-ridden federal program that provides flood insurance to more
than 5 million homeowners and businesses located in flood-prone
areas.
The National Flood Insurance Program, an arm of FEMA, has for
more than four decades offered affordable flood insurance to people
in more than 20,000 communities that participate in efforts to
reduce flood damage.
But Congress has not updated the program since 1994, and in the
ensuing years it has been saddled with billions in losses as a
result of Hurricane Katrina and population growth in areas at risk
of flooding.
The bill takes such steps as permitting an increase in premiums,
deductibles and coverage and phasing out subsidies for vacation
homes and for people living in areas repeatedly hit by floods. It
now goes to the Senate.

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