Common Sense Flood Insurance Reforms Reversed

The Biggert-Waters Act in Congress moved the National Flood Insurance Program, NFIP, towards becoming more self-sufficient and more solvent.  In recent years the NFIP has gone $17 Billion in debt after Hurricane Katrina and more recently Sandy.  When NFIP is in debt, money is taken from the Treasury (all taxpayers) instead of having coastal dwellers (flood ins. ratepayers) actually pay for flooded private property.   Yes, passing Biggert-Waters meant you would have had  to pay more to insure your summer or primary home built in a flood or high hazard zone.

But wait, Congress reversed itself by passing another law essentially keeping NFIP in debt and keeping US taxpayers on the hook for flood costs.  Huffington Post article here by Elliot Negin.

Report on National Flood Insurance Program, NFIP

The Union of Concerned Scientists put out an excellent report on the National Flood Insurance Program called Overwhelming Risk: Rethinking Flood Insurance in a World of Rising Seas.   Hey, they got our name in there, Rethink, so we thought we’d take a look.
This is an excellent report with details about what states carry the most risk, which state have the most properties in the program, and the value of those properties insured, again, broken down by state.  There are excellent recommendations as well for how to save the program for the future.