Flood Insurance
Source: Insurance Information Institute
Because of frequent flooding of the Mississippi River during the 1960s and the rising cost of taxpayer funded disaster relief for flood victims, in 1968 Congress created the National Flood Insurance Program (NFIP). It has three mandates: to provide residential and commercial insurance coverage for flood damage, to improve floodplain management and to develop maps of flood hazard zones. Flood damage to vehicles is covered under the comprehensive section of an auto insurance policy but there is no coverage for flooding in standard homeowners, renters or in most commercial property insurance policies. Coverage is available in a separate policy from the NFIP and from a few private insurers. Despite efforts to publicize this, many people exposed to the risk of floods still fail to purchase flood insurance.
The widespread flooding associated with Hurricane Katrina in 2005 set in motion a debate about how to improve the federal program. Likewise, the Mississippi floods of 2011 and Hurricane Irene, both of which caused widespread physical and economic damage, much of it uninsured, are prompting a reexamination of how the risk of flooding is handled, from the building of levees and other artificial barriers to the federal flood insurance program, including the possibility of some form of privatization. Meanwhile, the last Congress balked at significant change, choosing instead frequent short-term reauthorizations in lieu of long-term reform. Efforts to revamp the program are continuing.
Like this:
Be the first to like this post.
Source: http://fulltextreports.com/2012/01/02/flood-insurance-updated/
moonshine oklahoma state university badgers badgers mendenhall nbc sports network demarcus cousins
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন