Sens. Carper and Coons Call for Reauthorization of National Flood Insurance Program
WILMINGTON – On Tuesday, U.S. Sens. Tom Carper and Chris Coons (Both D-Del.), joined a bipartisan group of senators in support of the reauthorization of the National Flood Insurance Program, helping to protect Delaware homes and businesses from financial ruin when flooding occurs.
Both Carper and Coons signed a letter along with 39 other senators urging senate leadership to bring flood insurance legislation to the floor for consideration.
“Reauthorizing the National Flood Insurance Program is important to helping protect Delawareans who own homes and businesses from the devastating financial effects of flooding,” said Sen. Carper. “This legislation will also help set the program on a more fiscally sound path, bring some certainty to the housing market and educate consumers about their flooding risks.”
“When natural disasters wreak havoc and cause flooding to Delaware homes and businesses, it’s imperative that the government supports a responsible safety net to help those affected,” Senator Coons said. “Reauthorizing the National Flood Insurance Program will not only ensure that aid is available to the victims, it will also make sure that the program uses the most up-to-date science and maps to identify flood risks, and communicates those risks to property owners. It will also reform the program to make it more financially stable in the long-term. The reauthorization will make certain that when disaster strikes, our state’s families and businesses don’t become financially underwater.”
The National Flood Insurance Program was first established in 1968. The program was reauthorized in 2004 and that reauthorization expired in 2008. Since then, the program has been extended through a series of short term measures and in 2010, the program expired four times, resulting in lapses totaling 53 days. These lapses resulted in the delay or cancellation of more than 1,400 home closings per day. The legislation provides long-term stability with a five-year reauthorization. The program is currently set to expire on May 31, 2012.