"Congress has still been unable to reach a deal on the federal flood insurance program just weeks before it expires, opening the possibility that millions of homes and businesses could lose coverage as hurricane season kicks into high gear.
Nearly all lawmakers agree the insurance program shouldn’t be allowed to lapse, especially at this time of year. But some argue that they shouldn’t grant yet another extension without overhauling what many agree has become an unsustainable system. They have until July 31 to figure something out.
The last-minute brinkmanship is causing huge headaches for Allstate Corp., The Hartford Financial Services Group Inc., Farmers Insurance Group, and other companies that partner with the Federal Emergency Management Agency to sell flood insurance policies. They have been pushing Congress to overhaul the financially troubled program and not simply keep extending its expiration date."
David Schultz reports for Bloomberg Environment July 18, 2018.
