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Wicker Provision Included in NFIP Reauthorization
Legislation Uses Data to Help Determine Water Damage from Hurricanes
Friday, June 29, 2012
WASHINGTON, DC – U.S. Senator Roger Wicker (R-Miss.) applauded passage of a
five-year reauthorization of the National Flood Insurance Program (NFIP) with
significant reforms to help property owners and taxpayers. The
measure included the COASTAL Act authored by Wicker that uses scientific data
to help determine water damage following a major hurricane.
The COASTAL Act would use hurricane data collected by the
National Oceanic and Atmospheric Administration (NOAA) in conjunction with
engineering formulas to be developed by FEMA to accurately assess flood
insurance claims for total-loss, “slab” properties.
“Homeowners will have easy access
to useful data from NOAA and FEMA because of the COASTAL Act,” said Wicker,
who serves on the Senate Banking Committee. “A scientific approach will
benefit homeowners and taxpayers. This is an important step to ensuring
NFIP can make correct determinations following a major hurricane.”
Use of the COASTAL formula will help prevent the
inappropriate shifting of wind claims to the flood program and will empower
consumers by providing a better estimation of wind versus water losses.
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