Flood Insurance: Implications of Changing Coverage Limits and Expanding Coverage

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By Alicia Puente Cackley (au)
Year: 2013
Pages: 42
Binding Paperback
ISBN 978-1-4578-4729-5

Product Code: 1457847299

Description

The National Flood Insurance Program (NFIP), established in 1968, is the only federal flood insurance available and may be the sole source of insurance to some residents of flood-prone areas. Mainly due to catastrophic losses in 2005, the program became indebted to the U.S. Treasury and has been unable to repay this debt. GAO placed the program on its High-Risk List in 2006. The Biggert-Waters Flood Insurance Reform Act of 2012 introduced many changes to the program and mandated a study of the effects of increasing the maximum coverage limits ($250,000 for residential buildings and $500,000 for commercial buildings) and providing optional coverage for business interruption and additional living expenses. This report discusses (1) existing flood insurance coverage; (2) the potential effects of changing NFIP coverage limits; and (3) the potential effects of allowing NFIP to offer optional coverage for business interruption and additional living expenses. Tables and figures. This is a print on demand report.

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