Homeland Security Department (F.R. Page 10143) – Meeting insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
Homeland Security Department (F.R. Page 10143) – Meeting insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
The federal government issues virtually all primary flood insurance for homeowners and businesses, and the National Flood Insurance Program (NFIP) owes nearly $25 billion to the U.S. Treasury and taxpayers for covering claims. Beyond this alarming debt, the NFIP cannot keep up with risk assessments and its subsidies actually promote development in flood zones, which worsens the devastation of natural disasters. Congress is now debating reforms to the NFIP. The best course of action is to phase out the deeply flawed program and enable private insurance to replace it.
"The ultimate goal is to produce maps that can be used by communities as planning tools to help develop, maybe, adaptation strategies for sea level rise and ultimately, help the areas become more resilient."<br/><br/>
NAR’s public statement on possible flood insurance changes backs mitigation and “2.0,” but it doesn’t back adopting or enforcing a real estate disclosure requirement.