WASHINGTON, DC – U.S. Senator Roger Wicker (R-Miss.) today testified before the Senate Banking Committee on the importance of reforming the National Flood Insurance Program (NFIP) to address the needs of property owners along the coast. 

Less than a year ago, Senator Wicker came before this committee and testified in support of modernizing and reauthorizing NFIP. Last year, NFIP lapsed three times before the Senate authorized a one-year extension. Currently, the National Flood Insurance Program expires on September 30, 2011.

“Another program lapse is entirely avoidable, and we should not allow that to happen,” said Wicker. “Similarly, another short-term extension of a flawed program would be unacceptable to me. I urged the committee to reform the program and enact a multi-year reauthorization.”

During his testimony, Wicker highlighted legislation he recently introduced, the Consumer Option for an Alternative System to Allocate Losses (COASTAL) Act, to reform the NFIP by using increased data during the claims process.  Wicker’s legislation would provide greater certainty to homeowners and the insurance market, ensuring certain losses from future storms are settled in a timely and equitable manner.

The COASTAL Act would use scientific data to settle total loss properties after a hurricane.  Many residents are not aware of the data or how it could be helpful to them.  This legislation is part of the solution to the wind versus water dispute problem, and answering it will help the effort to enact a multi-year NFIP reauthorization.

Last year, Wicker held a roundtable with Mississippi Gulf Coast residents to discuss ways to improve the NFIP.  “There is no question that one of the most difficult obstacles in recovering from Hurricane Katrina – or preparing for the next storm – has been the cost and availability of insurance,” remarked Wicker during that meeting.

Click here to watch Senator Wicker testify before the committee.

###