Biggert-Waters

Politics
2:26 am
Thu February 27, 2014

FEMA Flood Insurance Law Faces Partial Repeal Over Premiums

Levees, like this one in New Orleans, must be certified by the U.S. Army Corps of Engineers before appearing on federal flood maps. This change has resulted in higher flood insurance premiums in some areas.
Mario Tama Getty Images

Originally published on Thu February 27, 2014 9:38 am

The House is expected to vote as early as next week to partially repeal a 2012 law that overhauled the National Flood Insurance Program, which is tens of billions of dollars in debt.

The law was meant to make people living in flood-prone areas foot more of the insurance bill. But lawmakers didn't realize how many homeowners would be affected — or how hard they'd be hit.

You can find some of those homeowners in Bayou Gauche, about 30 miles west of New Orleans.

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Politics
2:03 am
Wed January 1, 2014

Federal Flood Insurance Program Drowning In Debt. Who Will Pay?

Even when a flood obliterates homes, as Superstorm Sandy did in 2012 in the Rockaway neighborhood of Queens, N.Y., the urge to rebuild can be strong.
Spencer Platt Getty Images

Originally published on Wed January 1, 2014 10:42 am

Millions of American property owners get flood insurance from the federal government, and a lot of them get a hefty discount. But over the past decade, the government has paid out huge amounts of money after floods, and the flood insurance program is deeply in the red.

Congress tried to fix that in 2012 by passing a law to raise insurance premiums. Now that move has created such uproar among property owners that Congress is trying to make the law it passed disappear.

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