Bush Signs Flood Insurance Bill

By Steven Brostoff, Washington Editor

NU Online News Service, June 30, 4 :31p.m. EDT,Washington?President Bush has signed insuranceindustry-backed legislation extending the National Flood InsuranceProgram through 2008.

The legislation?called the Bunning-Bereuter-Blumenauer FloodInsurance Reform Act?not only reauthorizes the program, but for thefirst time establishes a flood loss mitigation program that chargeshigher premiums to owners of repetitive loss properties who declineto take steps to reduce flood losses.

House Financial Services Committee Chairman Mike Oxley, R-Ohio,who led the fight for the mitigation program, praised enactment ofthe legislation, noting that it was a bipartisan effort.

"The reforms set out in this law fortify the original intent ofthe NFIP while preventing unacceptable expenses for the taxpayers,"Rep. Oxley said.

The Federal Emergency Management Agency estimates that themitigation program could save $200 million annually.