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2014-01-28. Popular Flood Insurance Law Is Target of Both Political Parties.

posted Jan 29, 2014, 9:45 AM by Alan Gould

For GSS Climate Change chapter 9. Excerpt: ...This week the Senate is expected to approve a measure that would block, repeal or delay many of the key provisions of the Biggert-Waters Flood Insurance Reform Act, which...sought to reform the nation’s nearly bankrupt flood insurance program, ending federal subsidies for insuring buildings in flood-prone coastal areas. Over the past decade, the cost to taxpayers of insuring those properties has soared, as payouts for damage from Hurricanes Katrina, Irene, Isaac and Sandy sent the program $24 billion into debt. The aim of the measure was to shift the financial risk of insuring flood-prone properties from taxpayers to the private market. Homeowners, rather than taxpayers, would shoulder the true cost of building in flood zones ...it would reflect the true cost of climate change, which scientists say is ushering in an era of rising sea levels and more damaging extreme weather, including more flooding.  ...a year after the law passed, coastal homeowners received new flood insurance bills that were two, three, even 10 times higher than before. ...[a new bill] would delay most insurance rate increases by four years.... 
http://www.nytimes.com/2014/01/29/us/politics/popular-flood-insurance-law-is-target-of-both-political-parties.html. By Coral Davenport, The New York Times.