Search
 

As NFIP Faces Deepening Debt, Some Call for More Subsidies and Lower Rates

Congress faces renewed pressure from both federal and state legislators to reduce the cost of flood insurance. But will the program ever be able to pay down the deficit?

By Arthur D. Postal | Updated on March 29, 2013

Congress is coming under renewed pressure from both state and federal legislators to reduce the cost of flood insurance and provide greater subsidies for the National Flood Insurance Program (NFIP). Specifically, Mississippi Rep. Steven Palazzo, R, introduced a bill in late March that would slow planned flood insurance rate increases over the next 10 years by phasing out insurance subsidies over a longer period of time. 

Another bill the congressman is sponsoring would offer flood-mitigation tax credits of up to $5,000 for homeowners and small businesses, as well as grant tax credits to NFIP policyholders who take steps to mitigate future flood risks.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.