Floodplain Bill Passes Senate

By: Associated Press
By: Associated Press

People who refuse to relocate or flood proof their homes might be forced to pay higher insurance premiums under a bill given approval in the U.S. Senate Tuesday.

Nebraska Senator Chuck Hagel says the bill, which he co-sponsored, that would raise flood insurance premiums for repeat flood victims and lower premiums for low-risk areas like North Platte.

The bill extends the life of the National Flood Insurance Program until 2008 to help people in flood-vulnerable areas obtain insurance coverage.

Hagel's said communities with low risk for flood pay the same premium rates as policyholders with repetitive flood damage. The bill will help level the flood insurance rates by providing $40 million a year for five years to help those who are at risk of flooding.

The Federal Emergency Management Agency oversees the flood program and provides more than 90 percent of flood insurance policies throughout the country.

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