Congress considers hurricane bill
TEXT OF STORY
Steve Chiotakis: Hurricane season officially begins on this first day of June. The national hurricane center is predicting nine to 14 named storms. Seven of those could be hurricanes. But there’s also a storm brewing in the halls of Congress about the government’s role in protecting vulnerable coastal communities. From the Marketplace Sustainability Desk, here’s Sam Eaton.
Sam Eaton: Florida representative Ron Klein has reintroduced a bill that would stabilize rising insurance premiums in coastal areas. The bill would create a federal catastrophe fund that would kick in in the event of a major disaster like Katrina.
But Ed Hopkins with the Sierra Club says the program would essentially subsidize insurance premiums in the riskiest places.
Ed Hopkins: Insurance costs have gone up greatly in coastal regions and there’s a reason for that.
Insurers think coastal properties have simply become too risky. Hopkins is part of a coalition of environmentalists and conservatives opposing the bill. Instead, they’re backing an alternative proposal that would use $200 million in FEMA funds to reinforce existing homes to withstand stronger hurricanes.
I’m Sam Eaton for Marketplace.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
