Politicos Say They're Committed to Fixing Insurance Problems

Summary

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Before the August recess, the bill cleared a key committee, the house financial services committee, and, is expected to be on the front burner when legislators return to Washington. Taylor's letter inviting fellow members of Congress to the briefing states, "The House may consider legislation to address this crisis by creating an option in the National Flood Insurance Program to offer wind and flood coverage in one policy, at risk-based, actuarially-sound premiums." Goals and objectives Brian Martin says Congressman Taylor's bill hopes to accomplish several things: * Consumers can buy flood and wind insurance and know they're covered. * Insurance coverage can be obtained in one place. * It will stabilize the market and bring companies back into the market. * Premiums will be based on risk and set so the program pays for itself. * Coverage will only be available if local communities have building codes and flood plain management. * Private insurance agents will sell the policies.

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Extract

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Politicos Say They're Committed to Fixing Insurance Problems

It has more than four letters, but to many people on the Gulf Coast "insurance" is a dirty word. Sky-rocketing insurance costs are hampering residential and commercial rebuilding. State and federal governments are trying to provide relief to help the beleaguered area recover from Hurricane Katrina's destruction.

U.S. Congressman Gene Taylor is pushing an insu...

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