Friday, Dec 14,2012
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The White House has recently asked Congress for $60 billion in federal funding to support relief efforts in the wake of Hurricane Sandy.
The request, which was submitted to the House of Representatives, includes efforts to repair homes and emergency response systems and help towns in affected states prepare for storms of similar strength that may occur in the future.
The request also includes $9.7 billion in funding for the National Flood Insurance Program. NFIP officials have noted that it will soon run out of money due to the expenses involved with Hurricane Sandy if it is not allotted more funding.
The NFIP bore the brunt of the insured losses in Sandy's wake, as most of the damage done to homes in the path of the storm was caused by flooding. Homeowners insurance providers have also recorded heavy losses, but many have noted that it will not be significant enough to cause a rate increase in coming years.
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