A bill to overhaul the US National Flood Insurance Program (NFIP) will be introduced into the US House of Representatives this week.

House Subcommittee on Insurance, Housing and Community Opportunity Chairman Judy Biggert will unveil the bill “to make sure we can find some way that taxpayers aren’t going to be on the line for a lot of money”.

The NFIP is currently running a $US19 billion ($18.7 billion) deficit.

It insures more than 5.5 million homes and businesses against floods, and repeated efforts by US legislators have failed to solve the program’s problems.

Ms Biggert’s bill is understood to exclude wind damage, which has been the downfall of attempts to rectify the program in the past.

This bill is not the only proposal for fixing the program.

Michigan Representative Candice Miller wants it closed down completely by 2013, saying property-owners from low-risk states such as hers are being forced to cover losses in flood-prone areas.

Ms Miller wants to leave flood insurance to the private sector, despite US insurers not offering flood cover for homeowners.

“The NFIP is a typical Washington boondoggle with endless bureaucracy overseeing out-of-control spending,” she said.