Note from Quin: This is important here in the Gulf states!

(Quin Hillyer, Liberty Headlines) According to the New York Times, “a house in Spring, Texas, has been repaired 19 times, for a total of $912,732 — even though the property is worth only $42,024.”

Such are the abuses which led to the national flood insurance program running more than $30 billion into debt, and which Congressional legislation is intended to reform.

The U.S. House of Representatives this week advanced significant free-market reform to the perpetually debt-riddenprogram.

By a 237-189 vote, the House passed the 21st Century Flood Reform Act, which Speaker Paul Ryan described as “a collection of seven bills that injects private market competition and pragmatic reforms to update this floundering program.”

To quote from Ryan’s press release, “Among the many reforms the bill makes, it provides affordable coverage for policyholders by decreasing the annual cap on an individual’s annual rate increases and caps surcharges on low-risk properties. At the same time, it improves the financial soundness by gradually increasing rates for certain properties to meet actuarial risk. Perhaps most importantly, the legislation would help establish a private market for flood insurance, which will increase access, competition, and consumer choice. That means real money saved for real people.”

[The full story is here.]