Washington journal. Weill take you le to that hearing on the Senate Banking committee. Live coverage. We will see you tomorrow morning at 7 00 a. Eastern. Chair brown the committee will come to order. Thank you to the witnesses f joining us. This hearing is a continuation of our effortso ena longterm reauthorization of the flood surance program and fip programs. It has been extend 28 times since december 2017. The latest extension will expire rch 8 of this year. We will disclose we will discuss local leader perspectives and the challenge of potential solutions to the risks that flooding poses to committees across th country. Soany issues, transportation, housing, eacof these is a priority for this committee. These leaders know all too well, floodi is the most costly Natural Disaster facg the country. It is devastating to communities in every state. That is one good reason that mayor patterson is here from my stat landuse patterns play a role in whether people want to and whether people
Chair brown the committee will come to order. Thank you to the witnesses for joining us. This hearing is a continuation of our efforts to enact longterm reauthorization of the Flood Insurance program and fip programs. It has been extended 28 times since december 2017. The latest extension will expire march 8 of this year. We will disclose we will discuss local leader perspectivesolutions to the risks that flooding poses to committees across the country. Tion, housing, each of these is a priority for this committee. These leaders know all too well, flooding is the most costly Natural Disaster facing the country. It is devastating to communities in every state. That is one good reason that mayor patterson is here from my state. Landuse patterns play a role in whether people want to and whether people want to admit it or not, Climate Change is only making it worse. It is making extreme weather events more frequent, less predictable and more extreme across the country. This month, streams
Upon buying is a act of optimism. It is also stressful. Families buying a new home have so much to think about, making sure they are covering their down payments, moving in, getting kids set up in a new school if they have children. Homeowners are confident that their monthly Insurance Premiums will provide a backstop against the physical and natural other dangers or incidents or accidents noting their coverage can help homeowners speak better at night. Or that is how it is supposed to work. Owners have faced a surprise when it is time to renew. Homeowners have spent time years making their payments without fail are shocked to find their insurance or too many cases will not renew their policies at all. Entire markets leaving consumers with few options that cost more. Consumers are counting on their insurance now more than ever. Since the beginning of the year to country has experienced 15 weather disasters, each resulting lay losses of more than 1 million. 15 million 15 weather disaste
Upon buying is a act of optimism. It is also stressful. Families buying a new home have so much to think about, making sure they are covering their down payments, moving in, getting kids set up in a new school if they have children. Homeowners are confident that their monthly Insurance Premiums will provide a backstop against the physical and natural other dangers or incidents or accidents noting their coverage can help homeowners speak better at night. Or that is how it is supposed to work. Owners have faced a surprise when it is time to renew. Homeowners have spent time years making their payments without fail are shocked to find their insurance or too many cases will not renew their policies at all. Entire markets leaving consumers with few options that cost more. Consumers are counting on their insurance now more than ever. Since the beginning of the year to country has experienced 15 weather disasters, each resulting lay losses of more than 1 million. 15 million 15 weather disaste
A look now at challenges in the property Insurance Market. Witnesses discuss marketplaces and insurance providers leaving california, texas and other states. This hearing held by the Senate Banking financing in urban affairs committee. The committee a banking, housing and urban affairs come to order. Looking back witnesses who have been here before and welcome colleagues and staff. First hearing obviously posed labor day. A few Financial Decisions more important than buying a home, homebuyers making an investment in themselves, their families, their communities. It is an act of optimism and also stressful. Families have so much to think about, making sure they are covering the down payment, navigating the mortgage and closing process, catching up with the new school if they have children. Buying Homeowners Insurance has always been a part of that process giving families peace of mind. Homeowners are confident their premiums are a backstop against devastation that could ensue if the lar