In the wake of the "great flood of 1993," Congress is beginning to reassess the National Flood Insurance Program. Begun with the National Flood Insurance Act 1968, the program was designed to mitigate the personal losses of citizens and the need for federal disaster relief.

The program has never performed according to plan. Many lenders do not require flood insurance as a condition for credit approval for properties in flood-plains, and as many lenders allow the coverage to be canceled during the term of the loan.

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