the govt shouldn’t be selling insurance of any kind, and this monstrosity is living proof of that.
let private enterprise fill the gap, and if it can’t be done, then the insurance coverage shouldn’t exist.
The economics of coverage for rebuilt properties on inland floodplains, taken as a whole, cannot be justified. Coastal exposures, as a whole, are a very different and insurable risk. Domestic investent in coastal property provides significant economic stimulous to our national economy. Considering that 90% or more of the U.S. population live, work, vacation and retire within 100 miles of a coast I believe Congress will need to find a workable solution or extend the NFIP.
I don’t know that the private market would be willing to step up and sell flood. Certainly they wouldn’t sell to those who keep rebuilding in flood prone areas.
The NFIP exists because the private market generally considers flood risk to be uninsurable, due to the catastrophic nature of the peril and the extreme tendency toward adverse selection.
This is a government insurance program whose existance I’m actually in favor of, and I consider myself a “minarchist.” However, I think serious efforts need to be made to keep the program nearer to the break-even mark and to control the cost associated with repetitive-loss properties.
Unbelieveable – The government is just unbelievable. Can’t even get together to do this so that it doent cost us AMERICANS more money. They signed up for the job, SO DO IT! Not to mention its going to cost ME more money to buy my house because I can’t get a freaking policy. Well Done Congress!! Well Done!!
the govt shouldn’t be selling insurance of any kind, and this monstrosity is living proof of that.
let private enterprise fill the gap, and if it can’t be done, then the insurance coverage shouldn’t exist.
they knew what they were getting into. I say, let ’em crash.
The economics of coverage for rebuilt properties on inland floodplains, taken as a whole, cannot be justified. Coastal exposures, as a whole, are a very different and insurable risk. Domestic investent in coastal property provides significant economic stimulous to our national economy. Considering that 90% or more of the U.S. population live, work, vacation and retire within 100 miles of a coast I believe Congress will need to find a workable solution or extend the NFIP.
Another example of a well run government program… Healthcare will be great.
I don’t know that the private market would be willing to step up and sell flood. Certainly they wouldn’t sell to those who keep rebuilding in flood prone areas.
The NFIP exists because the private market generally considers flood risk to be uninsurable, due to the catastrophic nature of the peril and the extreme tendency toward adverse selection.
This is a government insurance program whose existance I’m actually in favor of, and I consider myself a “minarchist.” However, I think serious efforts need to be made to keep the program nearer to the break-even mark and to control the cost associated with repetitive-loss properties.
sure, let private companies do it, after all, we saw how well the private banks did with their holdings. can you spell BAILOUT?
Unbelieveable – The government is just unbelievable. Can’t even get together to do this so that it doent cost us AMERICANS more money. They signed up for the job, SO DO IT! Not to mention its going to cost ME more money to buy my house because I can’t get a freaking policy. Well Done Congress!! Well Done!!