Flood program lapsed as hurricane season arrived

The U.S. Senate allowed the National Flood Insurance Program to lapse, coincidentally at the same time hurricane season started.
NFIP will not issue new policies or renewals, or increase coverage on existing policies, until the program is reauthorized. This is the third lapse in coverage this year, as Congress struggles with numerous proposals to revamp the debt-ridden program for the long term.
“These lapses have underscored the need for Congress to make a long-term renewal of the program,” Sen. Roger Wicker, R-Miss., said in a statement to the Sun Herald. “Unfortunately, the NFIP program has not been renewed on a long-term basis during this decade. But before the program can be renewed indefinitely, Congress must address the challenges of wind and water insurance in coastal states.”

Read more: http://www.sunherald.com/2010/06/03/2232131/flood-program-lapsed-as-hurricane.html#ixzz0pu4ANFfK