It’s far beyond the time to dissolve NFIP and return these risks to the private insurance market in order to mitigate the risks through risk based pricing, not US taxpayer subsidized pricing. But, for now, I’d accept a slow return to actuarial rates that are only moderately subsidized by lower risks exposed to water inundation. And, there is an immediate need for legislation that prevents building or rebuilding in flood prone zones…. to ensure the long-term viability of private flood insurance at lower risk levels, for both frequency and severity of losses.
It’s far beyond the time to dissolve NFIP and return these risks to the private insurance market in order to mitigate the risks through risk based pricing, not US taxpayer subsidized pricing. But, for now, I’d accept a slow return to actuarial rates that are only moderately subsidized by lower risks exposed to water inundation. And, there is an immediate need for legislation that prevents building or rebuilding in flood prone zones…. to ensure the long-term viability of private flood insurance at lower risk levels, for both frequency and severity of losses.