The National Flood Insurance Program (NFIP), which is managed by the Department of Homeland Security’s Federal Emergency Management Agency (FEMA), has been authorized to borrow $18.5 billion for damage claim payments to hurricane victims.
Flood insurance claims from this year’s unprecedented hurricane season had consumed funds from the flood program in September and insurance companies were ordered to halt payments until additional funds could be appropriated.
“FEMA will be working diligently to notify insurance companies to resume claim payments to Mississippi disaster victims immediately,” said Federal Coordinating Officer Nick Russo.
Currently, 273 communities in Mississippi participate in the NFIP. Communities that adopt and enforce flood plain management ordinances to reduce future flood damage are eligible for federally backed flood insurance. Community participation in the program is voluntary.
The claims from the 2005 hurricane season are projected to exceed $23 billion nationwide.
For more information on the NFIP or the newly released Katrina Recovery Maps for Mississippi , go to FEMA’s Web site at www.fema.gov .
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