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Massive flooding that paralyzed British Columbia in November caught the province unprepared in more ways than one, with under insurance emerging as a major issue.
When FEMA’s National Flood Insurance Program (NFIP) expires next month, the pressure will be on Congress to reauthorize the program, ideally by adopting long-delayed reforms.
The U.S. House of Representatives edged U.S. flood insurance policy—and with it, risk financing needed to rebuild after losses from flooding—closer to rationality with a unanimous vote April 28.