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Biggert-Waters Act

October 27, 2013

I am writing to inform the readers of an impending change to the National Flood Insurance program (NFIP) that will effect all those who live within a flood zone and must carry flood insurance....

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(8)

Alsever

Oct-28-13 12:14 PM

I'm 66 years old and this is the first time I ever heard of congress doing something that made sense.

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julesga

Oct-28-13 9:20 AM

I would like to address the word "subsidies". In truth, the flood insurance program has not been subsidized with taxpayer money. The program has collected $6 billion more in premiums than it has paid in claims. The current debt is the result of mismanagement and the 2 outlier storms Katrina and Sandy. The debt is a loan from the treasury and the flood insurance program is required to re-pay it. The NFIP does need to be revised and adding fee to create a reserve fund is a step in the right direction. Fixing the 40% overhead the program runs on and getting everyone that is required to have flood insurance actually insured is another. (Upwards of 40% of the federally backed mortgaged structures that are required to carry flood coverage do not have it). Imposing premiums that are 10% or more of the value of the home isn't the way to fix this.

One other point - those of you that don't live in a flood zone may find yourself in if your area is remapped.

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Steelman

Oct-28-13 7:55 AM

I think we should get Obama on it. Maybe he can come up with a nation flood insurance policy that everyone can afford. Obamacare is working well why not this. The only problem would be people will probably not be able to sign up for it.

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mikekerstetter

Oct-27-13 6:20 PM

MikeR7-"Do any of you great humanitarians think it makes sense to have a greater chance of losing your home due to the cost of flood insurance than an actual flood?"

And your point is??

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ToTEXASfromPA

Oct-27-13 4:47 PM

Silver lining in the cloud.

The property should appraise for less and property taxes should decrease.

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MikeR7

Oct-27-13 1:30 PM

Do any of you great humanitarians think it makes sense to have a greater chance of losing your home due to the cost of flood insurance than an actual flood?

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eriklatranyi

Oct-27-13 8:33 AM

Anything that Maxine Waters touches turns to feces soon after.

She is one of the most unintelligent members of Congress and should be an embarrassment to Democrats everywhere.

Judy Biggert left Congress after making big money investing in those full-body scanners, then pushing legislation allowing the TSA to use them.

Finally, I agree with Mike. If the NFIP is losing money, raise rates.

9 Agrees | 1 Disagrees | Report Abuse »

mikekerstetter

Oct-27-13 7:56 AM

Sorry Jeff, but it was you who chose to live in a flood zone. I do want to thank you for letting us know that we are subsidizing your flood insurance. That was something I didn't know. While I understand your frustration, the Government can't keep subsidizing all this stuff. It's one of the many reasons we are so far in debt. I personally think they are correct in doing this.

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