Flood Insurance at risk? - KOAA.com | Continuous News | Colorado Springs and Pueblo

Flood Insurance at risk?

Posted: Updated:

(NBC News) As rescue crews and volunteers continue to pull victims out of their flooded homes in Texas and Louisiana, many living in shelters now turn their thoughts to how they will rebuild.

"All my assets and my house, all gone with no insurance," says Ruben Amador.

Amador is not alone. FEMA says 83 percent of Hurricane Harvey victims do not have flood insurance.

They will depend on the federal government's help.

The National Flood Insurance Program is designed to help victims pay to rebuild. Unfortunately, it expires September 30th and is already out of money. The program is currently $25 billion in debt.

"Congress has been working on this issue for more than a year. I am confident that they will make sure we don't lapse," says Rory Wright, director of the Natinoal Flood Insurance Program.

How lawmakers get there will be the battle. Some want to privatize the program; others want to cut loan subsidies that reduces the rate fema offers. 

More: http://nbcnews.to/2xazb4e

Drive the Doppler
Powered by Frankly

© KOAA.com 2018, KOAA.com
All rights reserved
Privacy Policy, | Terms of Service, and Ad Choices

Can't find something?