Congress is kicking the can two weeks down the often-flooded road, again.
Congress has repeatedly failed to reform the NFIP to the point it isn’t bleeding money. Preferably, it will be cancelled by a future, responsible Congress. No one should expect that to happen with a House led by a politician intent on political revenge against the other party’s leader. Instead of creating ill-will, Congress’ leaders should be working for The People on NFIP reform/ repeal, health insurance (ACA repeal & replacement) , infrastructure, immigration reform, and foreign trade.
The NFIP is just as necessary as the private market for insuring the peril of flood. Private companies will not write every risk. There are far more people that need to cover their most valuable asset than do. The NFIP gets a bad wrap regarding the debt but no one ever mentions the dollars paid by the Federal Government to flood victims that DO NOT have flood insurance. Now that is a drain on taxpayers! FEMA is working diligently in improve the product and distribution. Maybe Congress should give them a chance to do so.
In the long-term scenario when flood peril GLM modeling can properly quantify the risks, and risk is mitigated by migration of properties out of flood zones, the NFIP will be unnecessary.
Being in floodplain management for decades this latest year has been unnerving to say the least. The republican party does not want to pay for the NFIP, but the states that are most effected by flooding are run by republican governors and legislatures. The Midwest, the south including Florida have more claims than any of the Blue states. Republicans have been subsidized for decades when it comes to flood Insurance. If not for the Biggers Water Act passed by congress the rest of the nation would still be subsidizing the policies of millions of people. It time we make the people that have subsidized insurance pay their fair share. Lastly, all the money given to people that have a flooding issue is tax payer money not government money. We are paying the bills for people that choose to live in the floodplain and do not care who pays for the damages.
Hello G. Phillips, your statement “all the money given to people that have a flooding issue is tax payer money not government money” is not quite accurate and misleading. FEMA and the NFIP is financially supported by those who pay flood insurance premiums. And it is required, if your are in a Flood plain, other than Flood Zone X, to have purchased a Flood policy to have any assistance. So those who live in a flood plain, are actually paying the premiums to help fund it. Where tax payer money comes in is if there is not enough reserves to pay for catastrophic losses for those who do have Flood Insurance through FEMA. And if the federal government declares a natural catastrophe, all FEMA dollars are issued as loans, so the money has to be paid back.
No, it’s not time for those to pay their fair share. It’s time to migrate risks out of flood plains to drastically reduce the risk of flood damage to drastically lower flood peril frequency, thus lower the premium component that pays claim costs. Only then will ‘flooding’ be an insurable peril at a reasonable cost … that might be included in a HO or CMP policy.
I’m paying $1200 a year for flood ins. @ $110K beside homeowners another $1200, @ $300K. The NFIP wasted Billions on fixing and raising home for people who didn’t have flood ins, and for home that wasn’t even worth it! There your waste!!
Congress is kicking the can two weeks down the often-flooded road, again.
Congress has repeatedly failed to reform the NFIP to the point it isn’t bleeding money. Preferably, it will be cancelled by a future, responsible Congress. No one should expect that to happen with a House led by a politician intent on political revenge against the other party’s leader. Instead of creating ill-will, Congress’ leaders should be working for The People on NFIP reform/ repeal, health insurance (ACA repeal & replacement) , infrastructure, immigration reform, and foreign trade.
I agree with you but democrats cant and wont fix what they broke. It has to be broken for them to buy their votes.
The NFIP is just as necessary as the private market for insuring the peril of flood. Private companies will not write every risk. There are far more people that need to cover their most valuable asset than do. The NFIP gets a bad wrap regarding the debt but no one ever mentions the dollars paid by the Federal Government to flood victims that DO NOT have flood insurance. Now that is a drain on taxpayers! FEMA is working diligently in improve the product and distribution. Maybe Congress should give them a chance to do so.
In the long-term scenario when flood peril GLM modeling can properly quantify the risks, and risk is mitigated by migration of properties out of flood zones, the NFIP will be unnecessary.
Being in floodplain management for decades this latest year has been unnerving to say the least. The republican party does not want to pay for the NFIP, but the states that are most effected by flooding are run by republican governors and legislatures. The Midwest, the south including Florida have more claims than any of the Blue states. Republicans have been subsidized for decades when it comes to flood Insurance. If not for the Biggers Water Act passed by congress the rest of the nation would still be subsidizing the policies of millions of people. It time we make the people that have subsidized insurance pay their fair share. Lastly, all the money given to people that have a flooding issue is tax payer money not government money. We are paying the bills for people that choose to live in the floodplain and do not care who pays for the damages.
Hello G. Phillips, your statement “all the money given to people that have a flooding issue is tax payer money not government money” is not quite accurate and misleading. FEMA and the NFIP is financially supported by those who pay flood insurance premiums. And it is required, if your are in a Flood plain, other than Flood Zone X, to have purchased a Flood policy to have any assistance. So those who live in a flood plain, are actually paying the premiums to help fund it. Where tax payer money comes in is if there is not enough reserves to pay for catastrophic losses for those who do have Flood Insurance through FEMA. And if the federal government declares a natural catastrophe, all FEMA dollars are issued as loans, so the money has to be paid back.
No, it’s not time for those to pay their fair share. It’s time to migrate risks out of flood plains to drastically reduce the risk of flood damage to drastically lower flood peril frequency, thus lower the premium component that pays claim costs. Only then will ‘flooding’ be an insurable peril at a reasonable cost … that might be included in a HO or CMP policy.
I’m paying $1200 a year for flood ins. @ $110K beside homeowners another $1200, @ $300K. The NFIP wasted Billions on fixing and raising home for people who didn’t have flood ins, and for home that wasn’t even worth it! There your waste!!