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National Flood Insurance Program
Dated: August 3 2018
So the first question you might as is: " What is the National Flood Insurance Program?"
The National Flood Insurance Program Or I will refer to it as the NFIP, aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners, renters and businesses. Overall, the program reduces the socio-economic impact of disasters by promoting the purchase and retention of general risk insurance, but also of flood insurance, specifically.
Okay cool! So the NFIP helps to keep my insurance rates down so I can carry flood insurance in case of any major flooding! Well the government is talkin gabout ELIMINATING the NFIP! This means a MAJOR hike in insurance rates.
So why would the government eliminate the NFIP??? Well long sotry short....the NFIP is a doozy. Established in 1968, it handles some 5 million policies nationwide. Unfortunately, these days it collects less in premiums and surcharges than it shells out in claims and other expenses, leaving the Treasury Department—read: taxpayers—to plug the holes. Which means every time some neighborhood in Galveston or Daytona winds up underwater (Texas, Florida, and Louisiana account for more than half of all policies), the rest of the nation effectively bails them out.
Roughly one out of five properties pays premiums too low for the risks involved. (That situation is slowly improving thanks to past reforms, though some contend that even “full-risk” rates are insufficient.) “Grandfathered” properties that for whatever reason are reclassified into a higher-risk zone also enjoy artificially low rates, subsidized by other policyholders in the area. Flood-zone maps are outdated and inadequate, leading to shoddy risk assessment. Subsidies are “hidden” within policy premiums, making it hard for consumers to gauge a property’s real risk. The way rates are set—based on average home prices within a zone, not the cost of individual structures—leads to cross-subsidies of rich property owners by poor ones. “Repetitive loss” properties make up around 1 percent of policies but account for 30 percent of payouts. And there are substantial barriers to private insurers entering the market.
On and on the list goes. The end result: An irrational system that encourages people to hunker down in areas where Mother Nature clearly does not want them. It is, critics argue, completely bonkers
The U.S. Senate JUST approved a bill Tuesday to keep the National Flood Insurance Program operating for four more months., but then what are we going to do????
My name is Kelly Combs and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an adu....
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