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Bush signs Flood Insurance extension and reform bill.

In June, President Bush signed S. 2238, the Bunning-Bereuter-Blumenauer Flood Insurance Reform Act, which extends the National Flood Insurance Program (NFIP) within the Department of Homeland Security until 2008. Reforms in the law will address the problem of repetitive loss properties through flood mitigation. The law authorizes the launch of a pilot program that will require people to either accept mitigation assistance or face significantly higher premiums. Owners who refuse assistance will no longer be eligible for subsidized flood insurance far below the actuarial risk rate they should be paying. Over time, as mitigation offers change the nature of repetitive loss properties, the NFIP is expected to save a significant amount of money. The Federal Emergency Management Agency estimates that these properties alone cost the program $200 million annually.

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edited by Amanda Druckman
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Title Annotation:In Session
Author:Druckman, Amanda
Publication:Journal of Property Management
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 1, 2004
Words:135
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