Congress averts flood insurance lapse
The
The program is the sole source of flood insurance for more than 5 million homes and businesses across the
A lapse would have prevented the program from selling new policies and renewing current ones.
"It would have been bone-deep, down-to-the-marrow stupid to let the National Flood Insurance Program expire in the middle of hurricane season, and my colleagues realized that,"
Opponents in both the
"The National Flood Insurance Program is a national embarrassment, and everyone in this building knows it," Sen.
Lee said reforms, including letting private insurers offer flood policies, are long overdue. He proposed limiting eligibility for federal flood insurance to homes worth
"It's unfair to ask taxpayers to make expensive, dangerous homes -- 25 percent of which are vacation homes -- artificially more affordable," Lee said. "It's unfair and unsustainable. The failure of the Flood Insurance Program is not an economic theory or ideological speculation -- it is a fact."
-- Executive Editor
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