Saturday, June 03, 2006

FEMA: "Flood Insurance Broke"

From the UPI wire service and various Florida newspapers:
The National Flood Insurance Program is broke and has little hope of recovery unless Congress authorizes big premium increases and other changes.

That gloomy assessment by the Congressional Budget Office was released Thursday, the first day of the 2006 hurricane season.

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A bill currently before the Senate would increase monthly flood insurance premiums for some property owners by as much as 25 percent while forcing others to join the national program to broaden the risk pool, the Pensacola News Journal said.

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