Program Set to Expire in 2 Months – Reauthorization Needed to Prevent Lapse
Areas in NEPA Still Recovering from Irene and Lee, Others Have Long History of Floods – Residents Need to Know They’d Be Covered in Future Disasters
SCRANTON, PA – Today, U.S. Senator Bob Casey (D-PA) called for a long-term extension of the National Flood Insurance Program. Communities in northeastern Pennsylvania were devastated by flooding associated with Irene and Lee last fall. It is critical for homeowners and businesses in the region, as well as the real estate market in general, to see a long term extension of the National Flood Insurance Program, Senator Casey said standing in the lower Green Ridge section of Scranton.
“Congress should immediately pass a long term reauthorization of the National Flood Insurance Program so families across northeastern Pennsylvania know they’ll be protected in the case of another flood,” Senator Casey said. “Northeastern Pennsylvanians know all too well the cost of flooding, so making sure our residents have a measure of security is essential.”
In 1968, Congress created the National Flood Insurance Program (NFIP) to address the increasing costs of taxpayer-funded disaster relief for flood victims and the increasing amount of damage caused by floods.
The National Flood Insurance Program allows property owners in participating communities to buy insurance against flood losses from the federal government, 5.6 million property owners rely on the program in 21,000 communities where flood insurance is required for federally related mortgages. In June 2010, the program lapsed and 47,000 home sales stalled according to National Association of Realtors survey data. Further research confirms that another shutdown risks 1,300 more sales each day.
Today, Senator Casey made his case for a long term extension of the federal government’s flood insurance program in a section of Scranton that has been particularly hit hard by flooding over the years. Standing with Paul O’Hora, Flood Director for the City of Scranton, Senator Casey said that passing a long term extension of the National Flood Insurance Program will provide residents with the security of knowing they are protected in the event of a flood.
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