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Flood Insurance Program Unsustainable With Underfunding

Courtesy: US Army Reserve Photo

FLOOD INSURANCE UNDERFUNDED - As part of the budget deal President Trump signed into law last Friday,  the "National Flood Insurance Program" was extended until next month. But the deal fails to provide a long-term fix for the underfunded program.  The need for flood insurance  became very clear after Hurricane Harvey put parts of Texas and Louisiana under water.  The problem is the National Flood Insurance Program is not sustainable the way it's currently set up.  Seth Chandler specializes in insurance law at the University of Houston Law Center,  he explained the details to Texas Public 

Credit Courtesy: UH-Law Center file photo
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Courtesy: UH-Law Center file photo
Seth Chandler, University of Houston Law Center

Media. “The main concern is that it is deeply in debt and continues to be a source of taxpayers’ subsidies, so that people in non-flood areas are continuing to subsidize people in flood areas.” Chandler says the continuing resolution the Congress passed simply kicks the can down the road, instead of addressing the problem.  “The way to make it sustainable is to both increase the premiums, particularly in the more flood-prone areas and also to use science to draw maps that more accurately reflect risk.” Lawmakers have until March 23rd to come up with either another short-term extension or a long-term solution for the National Flood Insurance Program.

Credit Courtesy: National Flood Insurance Program
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Courtesy: National Flood Insurance Program

Chuck Smith brings more than 30 years' broadcast and media experience to Red River Radio. He began his career as a radio news reporter and transitioned to television journalism and newsmagazine production. Chuck studied mass communications at Southern Arkansas University in Magnolia and motion picture / television production at the University of California at Los Angeles. He has also taught writing for television at York Technical College in Rock Hill, South Carolina and video / film production at Centenary College of Louisiana, Shreveport.