The private market flood is doing a good job of “closing it” by replacing a lot of their business. Of course that simply means bigger deficits for FEMA because they will continue to spend as if the premium is still coming in. Why not….they have the tax payers check book.
It seems to me that private insurers could fashion a plan to write flood business in low to moderate risk flood areas at a reduced premium and add back Loss of Use. I have always suspected that NFIP premiums in these B,C,X zones were excessive and used to subsidize the losses in high hazard A-V zones which were under priced.
The problem is simple. Government is acting as a fascist. Clsoe the NFIP and let the private market function. Restor government to umpire status only.
The private market flood is doing a good job of “closing it” by replacing a lot of their business. Of course that simply means bigger deficits for FEMA because they will continue to spend as if the premium is still coming in. Why not….they have the tax payers check book.
It seems to me that private insurers could fashion a plan to write flood business in low to moderate risk flood areas at a reduced premium and add back Loss of Use. I have always suspected that NFIP premiums in these B,C,X zones were excessive and used to subsidize the losses in high hazard A-V zones which were under priced.