Talks to target flood insurance for MB residents, businesses

Myrtle Beach, SC - MYRTLE BEACH, SC (WMBF) - A handful of Grand Strand leaders are converging in Myrtle Beach Monday morning to discuss how the current condition of the National Flood Insurance Program will pose a long-term affect on the area.

The meeting, scheduled for 11 a.m. at the Myrtle Beach Area Chamber of Commerce, aims at addressing the importance of a National Flood Insurance Program authorization to Grand Strand residents and businesses.

The U.S. House recently voted to overhaul the debt-ridden program that has provided affordable flood insurance to more than 5 million businesses and residents in flood-prone areas.

Despite being an extension of FEMA, Congress has not updated the program since 1994. In the ensuing years, it has been saddled with billions in losses as a result of Hurricane Katrina and population growth.

The bill permits an increase in premiums, deductibles and coverage, phasing out subsidies for vacation homes. It will also affect people living in areas repeatedly affected by floods.

The bill has since been passed to the Senate.

Copyright 2010 WMBF News. All rights reserved. The Associated Press contributed to this report.