25 to 50 percent rate hikes needed for federal flood insurance program | al.com

federal flood insurance rates

25 to 50 percent rate hikes needed for federal flood insurance program

(George Altman, Washington Bureau) Sen. Roger Wicker, R-Tupelo, questions witnesses during a hearing of the Senate Committee on Banking, Housing, and Urban Affairs on Thursday. Wicker touted a proposal that would put federal government officials in charge of deciding whether wind or flooding contributed to property damage following hurricanes.

WASHINGTON The deeply indebted National Flood Insurance Program would require premium rate hikes much higher than 25 percent to get back on solid fiscal ground, a Government Accountability Office official told a Senate committee Thursday.

Orice Williams Brown, a managing director for GAO, added that the program, already nearly $18 billion in the red, may have to borrow more money this year just to keep up with its interest ... http://insurance-a.ucoz.com/news/federal_flood_insurance_rates/2013-06-01-2652