flood insurance

Daily Real Estate News  |  March 21, 2008Gulf State Senators Stall Flood Bill
U.S. Senators from Louisiana and Mississippi have organized and are blocking action on reauthorizing the federal flood insurance program in order to force the addition of wind coverage to the legislation.

The U.S. House last year approved a bill that would allow purchasers of federal flood insurance to add wind coverage to their policies. But the coalition of Senators doesn't like either the House bill or the current Senate version, which lacks a wind provision. They are using a Senate procedure known as a "hold" to prevent a vote.

Sen. Roger Wicker (R-Miss) says the federal government must offer wind coverage because "since Katrina, it is ... common practice for insurance companies to not offer wind insurance at a rate that is even close to affordable."

Source: Gannett News Service, Ana Radelat (03/20/08)