Government News

The U.S. Senate Banking, Housing, and Urban Affairs Committee approved the Flood Insurance Reform Act of 2004 (S. 2238).

The bill, sponsored by U.S. Sen. Jim Bunning (R-Ky.) along with a bipartisan group of seven co-sponsors, provides for:

1. a five-year reauthorization of the National Flood Insurance Program;
2. 50 percent increase in flood insurance premiums for policyholders whose properties are repeatedly flooded and who refuse government offers of mitigation assistance; and
3. reforms to the NFIP to ensure that policyholders are fully aware of the details of their policies.