Congress has spent more than six years avoiding its responsibility to reauthorize the National Flood Insurance Program, using a series of stopgap bills to extend the life of the program that has issued nearly 5 million policies.
A gap in flood insurance coverage leaves millions at risk as the frequency and severity of extreme weather events increase across the Northeast, the report notes.
Congress funds a flood insurance program that many home buyers in risky areas rely on. The money is about to run out, a real estate trade group warned.
State Farm said it will no longer accept homeowner insurance applications in California, pointing to growing “catastrophe exposure” and the high cost to rebuild.
