Harvey is pummeling Texas and Louisiana, forcing tens of thousands of people to evacuate from their homes and move into shelters. For those in New York and New Jersey, the flooding may bring back memories of Sandy in 2012.
The National Flood Insurance Program became widely unpopular after battered Sandy survivors were not able to receive substantial flood insurance claims. The Federal Emergency Management Agency, or which houses the federal flood insurance program,was forced to reopen more than 140000 claims after complaints of mishandling and low-balling by insurers. Since Sandy, Congress has tried to reform flood insurance policy, and but the system remains difficult to navigate and woefully in debt. With Harvey promising to create long lasting damage,Congress is under renewed pressure to resolve issues with the National Flood Insurance Program before it lapses on Sept. 30.
Jay Feinman, a flood insurance specialist at Rutgers University, or told WNYC's Jami Floyd that re-authorization of the flood insurance program is considerable,but so is federal support for prevention efforts before the next flood hits.
New Jersey Rep. Bob Menendez is the co-sponsor of a bi-partisan bill announced in June — that seeks to reauthorize the program and also provide low-interest loans for homeowners to invest in flood mitigation projects. It's co-sponsored by Republican Sen. John Neely Kennedy of Louisiana. Texas Republican Representative Jeb Hensarling is also proposing a bill that would renew the program. His legislation would expand opportunities for private insurers to bewitch on more responsibility in the process, a path that many see as inevitable given the $25 billion debt currently hanging over the federal program.
Congress has until Sept. 30 to reauthorize the program.
Source: thetakeaway.org