This post by Sam Friedman of National Underwriter on his blog says you can stick a fork in Rep. Gene Taylor’s proposal to expand the NFIP to include wind coverage. An excerpt:
[T]he White House pretty much sunk any hopes for the measure by testifying yesterday in no uncertain terms that President Bush will not support any such expansion. Given how screwed up the National Flood Insurance Program is–with its massive deficits–that’s probably a good idea. . . .
Oh, sure, backers of the bill assure everyone that this time will be different–that actuarially-sound rates will be required–but who in their right minds could be anything but highly skeptical?
We can also be forgiven for doubting whether people will even buy the coverage they so desperately need even if the federal government makes it available. After all, look at how many people failed to buy flood insurance–even at subsidized rates.
All good points. Be sure to read Sam’s post for his account of Taylor’s reaction in recent House hearings on the proposal.