But, what about the homeowners who are not grandfathered? There has been no comment addressing that issue.
Repeal Biggert Waters.
STOP FEMA NOW!
VOTE DEMOCRATIC DOWN THE LINE THIS NOVEMBER!
You sir are an idiot — Nearly all Democrats voted for Biggert-Waters. Why don’t you ask your local congress/senator why they voted for a bill they once again did not even read
Really? The NFIP is around $32 BILLION upside down. The federal government needs to raise the rates and quite making tax payers subsidize this program. This risks are not properly rated and never have been.
Yes but those of us with flood insurance where we contribute 4 times what we get back because of a lower frequency of real events are subsidizing Katrina and Sandy areas?
Are you also complaining about subsidizing others under Obamacare?
What about those of us whose taxes were used to support public schools yet we nor our children attended them.
If it bothers you, there other countries you can live in.
Now the deficit is 32 Billion? lol! Let’s make up a number and use that! NFIP was in the black until 2012. A full accounting of what NFIP does with our money is long overdue. And why are ratepayers forced to give insurers about 50% to service each policy? Let’s investigate that also!
And James Brown, since you are the champion of taxpayers, let’s really help them by stopping the ACA, Medicaid, SNAP, farm subsidies and crop insurance, HUD and dozens of other real fiscal holes that eat up tax dollars. The fictitious “32 BILLION” you use is a drop in the bucket compared to these abysses.
You should learn more about a subject before you comment. 30% of all premiums go to big insurance companies to sell insurance, but they assume no risk. All you have to do is stop the 30% kickback and flood insurance will balance out. State farm and allstate are pushing for increase, do the math. Policy now goes to $6000 plus a year, they make $1800 for no risk and doing nothing. This is the problem with flood insurance.
We can argue whether 30% is too much, but the WYO carrier does incur expense in servicing these policies. They should be paid something. The “normal” expense ratio of P&C carriers is 30%. The other 70% is used to pay for claims.
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