Flood Reform
By David Dickinson
The Senate passed their version of amendments to the National Flood Insurance Program (NFIP) last week. The House passed a similar bill in September 2007. Both bills extend the NFIP for 5 more years, increase civil money penalties to $2000 per violation and require lenders to escrow 
flood insurance premiums. There are many differences between the House & Senate bill that will need to be resolved before it is passed to President Bush.
Both bills allow FEMA to increase policy rates and discontinue coverage to vacation and second homes, repetitive loss properties and commercial properties. You can find out more about the Senate bill by clicking here.