Washington–A consumer group is criticizing legislation introduced this week that would provide retroactive flood insurance for homeowners wiped out by recent hurricanes on the Gulf Coast, as harmful to the existing program.
In carefully measured remarks, J. Robert Hunter, director of insurance for the Consumer Federation of America, said that while "well-intended," the legislation, if enacted, would "undermine the flood insurance program."
Moreover, Mr. Hunter said, such a bill would harm "taxpayers, bail out mortgage lenders who should have required homeowners to purchase flood insurance, and encourage insurers not to pay damages that they should cover."
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