Midwest Flooding Disaster: Rethinking Federal Flood Insurance? (CRS Report for Congress)
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| Release Date |
Revised Aug. 25, 2008 |
| Report Number |
RL34610 |
| Report Type |
Report |
| Authors |
Rawle O. King, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
This report examines the impact of the 2008 Midwest floods on the NationalFlood Insurance Program (NFIP) in the context of congressional efforts toreauthorize and modify the program before its authorization expires on September30, 2008. The report begins with an assessment of the risk of flooding in the UnitedStates and why Congress might move to rethink the current multifaceted approachto federal flood insurance. Members might, for example, opt to assess possibleinsurance requirements for individuals living behind levees, eliminate premiumsubsidization of certain "grandfathered" properties, expand the NFIP to offercoverage against both flood and wind damages, and consider undertaking anationwide flood insurance study (FIS) and remapping of the nation's floodplains,including areas behind levees and other flood control structures. The reportconcludes with lessons learned from the 1993 and 2008 Midwest floods, and ananalysis of the NFIP's current financial conditions and major policy issues, as wellas a summary of legislative proposals - H.R. 3121 and S. 2284 - pending beforethe 110th Congress.
