A group of coastal-area congressmen plan to introduce legislation this week that would provide "all-perils" coverage for homeowners and small businesses under the National Flood Insurance Program.
The draft legislation would raise the limits of coverage currently paid under the NFIP and mandate that "actuarially sound" rates be charged.
Such a provision would probably be acceptable to the insurance industry, but given the fact the NFIP is currently in the hole by more than $23 billion, it is likely to be received with skepticism in Congress, especially in the Senate, lobbyists say.
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