Congressman Gene Taylor (D-MS) has introduced a very practical solution to some of the damage caused by Katrina. He is proposing that those who did not have flood insurance be allowed to buy-in to the National Flood Insurance Program.
There would be a 5% penalty plus a requirement to maintain the insurance on the house once rebuilt for as long as the person owns the house.
I haven't read the bill in its entirety, but on first brush I like the idea. It doesn't just give away free insurance due to the slight penalty. However it also helps to alleviate some of the burden of the rebuilding away from the taxpayers across the country from government loans or grants.
This may be already in the bill, but if not it would make it even more acceptable. It should be clearly stated that it will only be a one time offer. That if in the future you decide to build in hurricane zones and don't have adequate flood insurance regardless of being in a floodplain or not then this bill should not be a crutch that they think they can fall back on in the future.
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2 comments:
Thanks for your informative posts. I don't read the NY Times or USA Today....I read the Tiger's rants and raves and feel plenty caught up on the news.
Well I don't know about all that...but thanks for the props =)
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