Sentences with phrase «federal flood insurance subsidies»
Right after the Biggert - Waters Act began phasing out federal flood insurance subsidies in 2012, the average cost of a residential policy in Vermont jumped from $ 1,600 a year to $ 4,000, according to the Vermont League of Cities and Towns.
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The proposed cuts include $ 269.78 billion from energy programs, including $ 158.7 billion of fossil fuel subsidies; $ 167.09 billion of agricultural subsidies, including $ 89.82 billion of federal crop insurance disaster aid; $ 212.02 billion of transportation subsidies, including $ 125.80 billion of general revenue transfers to the Highway Trust Fund; $ 101.8 billion of federal flood, crop and nuclear insurance subsidies; and $ 24.99 billion from wasteful or environmental damaging public lands and water projects.
The president and Congress should cut federal subsidies that keep the price of insurance in some high - risk zones (flood plains, coastal areas threatened by rising seas, and regions prone to wildfires) artificially — and disastrously — low.
The subsidies come in the form of state - mandated caps on insurance premiums, cheap federal flood insurance, and federal disaster relief.
To improve the financial footing of the federal flood insurance program, the bill phases out premium subsidies that go to certain properties built before 1974.
NAR and many lawmakers in Congress are pushing for a time - out in the federal government's efforts to eliminate flood insurance subsidies over time and phase in premium rates that reflect properties» actuarial risk of flooding.
This fall, the Biggert - Waters Act began the process of removing and reducing federal subsidies for flood insurance on more than a million homes nationwide.
But, the law also implemented changes in the federal subsidy of flood insurance.