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Thu Jan 3, 2013, 02:37 PM

Flood program to run dry without congressional action: FEMA

Source: Reuters

WASHINGTON | Thu Jan 3, 2013 2:18pm EST

(Reuters) - The flood insurance program will run out of money to pay claims for Hurricane Sandy and other disasters in coming days unless Congress lets it borrow more funds, the national emergency agency said on Thursday.

The warning from the Federal Emergency Management Agency (FEMA) came a day ahead of a vote by the House of Representatives on a $9 billion payment on storm-related support for the National Flood Insurance Program.

House Speaker John Boehner reversed course and scheduled Friday's vote after fellow Republicans from states hit hard by the October 29 storm slammed him for failing to bring the payment up for a vote earlier this week.

FEMA has told Congress that unless its borrowing ceiling was raised, "funds available to pay claims will be exhausted sometime around the week of January 7, 2013," the agency said in a one-sentence statement.

-snip-


Read more: http://www.reuters.com/article/2013/01/03/us-storm-sandy-aid-idUSBRE90001Q20130103

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Response to Eugene (Original post)

Thu Jan 3, 2013, 02:53 PM

1. The flood insurance program has been setting rates too low...

and as the article indicates is already '$18 billion in debt'. As a result of the way
the program operates it encourages people to build in flood-prone areas.

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Response to PoliticAverse (Reply #1)

Thu Jan 3, 2013, 03:24 PM

2. Not sure what you define as low....

My annual flood insurance is $1486 - hardly cheap if you ask me that in addition to homeowners/fire insurance I pay this...

Maybe elsewhere, but it in addition to our outrageous property taxes is killing us...

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Response to Pachamama (Reply #2)

Thu Jan 3, 2013, 03:34 PM

5. Whether yours is too low or not depends on how likely your area is to flood...

Are you one of those people who builds a house right on the beach which gets washed away every 10 years or so ?

Those people qualify for flood insurance.



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Response to PoliticAverse (Reply #5)

Thu Jan 3, 2013, 03:36 PM

6. Live in a house built in 1906 - long before I was born....No, Not "one of THOSE people"...

In a valley....no view...not near any beach...

Dont be so presumptious that is why anyone lives in a flood zone....

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Response to Pachamama (Reply #6)

Thu Jan 3, 2013, 03:44 PM

7. Heh, I didn't presume I asked. Apparently you are subsidizing the house on the beach people

with the premiums you must pay.

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Response to PoliticAverse (Reply #7)

Thu Jan 3, 2013, 04:05 PM

8. You presumed....

Not everyone who qualifies for flood insurance is by a beach or chose to build in it for any benefit. Perhaps you should not presume to know so much about flood insurance or flood zones or the people who live in them. Whether you intended it or not, even your reply stating that you think $1486 annually is low "depending" makes me wonder just exactly what your thoughts are on the topic....

In any event, I think you should stick to subjects you are an expert in and not make presumptions or even your initial statement that the cause is that FEMA has set rates so low....how about for a moment acknowledging that there is global climate change and an increase in flooding both in long exiating known flood zones and areas that never flooded before.

Have you ever flooded? What do you actually know about flood insurance? I'm infuriated that flood insurance is only available through the government. And because its the only option, I am grateful it exists. Now what I would like to see is better requirements and building standards dictated by the government to the construction industry and as a requirement for any building in these zones. Things like structural design & flood openings and minimum height above the Base Flood Elevation (BFE). These things exist, but they need to be stricter and its municipalities, local govt's and construction industry that fight them tooth and nail. Our world climate is changing and there will be bigger and more frequent storms and flooding, including in areas that previously did not get them and we need a FEMA program and flood insurance program that is well-funded and has the power to help make important change.

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Response to Pachamama (Reply #8)

Thu Jan 3, 2013, 04:20 PM

9. 340$ a year for me.

Not in an official flood plane, but I judge my property to be within 500 year flood elevation, so I'm damn sure going to take the insurance.


Flood insurance was transferred to the Government some time back, because it is unworkable as a market, with people getting assistance through 'disaster zone' federal aid (which isn't the free ride it is made out to be in the press) periodically. As long as you have that relief valve, people opt out of the insurance, and the market cannot function. So it was nationalized.

Federal flood aid should have been restricted to, probably some income metric, so it could aid people who NEED it, and not people who could have afforded insurance, but declined to purchase it. I would be unsurprised to discover a link between the people who could afford the insurance, but didn't buy it, and people who develop land in the riskiest locations, with the most expensive home values to insure.

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Response to AtheistCrusader (Reply #9)

Thu Jan 3, 2013, 05:41 PM

11. Anyone who has a mortgage on a house in a designated floodzone is required to have the flood policy

Regardless of income or ability to pay. Declining not even an option. That includes developers of projects who have a builders mortgage.

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Response to Pachamama (Reply #11)

Thu Jan 3, 2013, 06:27 PM

12. Absolutely.

There are a lot of politics involved in designating areas flood zones for this reason. otherwise, given the number of homes that carry a mortgage, one would not expect to find a need at all for 'disaster area' federal relief, because everything would be pretty much insured.

Lots of places flood that weren't previously designated such.

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Response to Eugene (Original post)

Thu Jan 3, 2013, 03:27 PM

3. What about Drought Insurance?

Half the planetis flooded, the other half desiccated...

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Response to Berlum (Reply #3)

Thu Jan 3, 2013, 04:22 PM

10. "We live on the interface between radioactive molten rock and the hard vacuum of space and worry ab"

"out safety"

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Response to Eugene (Original post)

Thu Jan 3, 2013, 03:29 PM

4. the conservatives are finding out what the repugs really are and how

repugnant they can be.

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