The National Flood Insurance Program, created in 1968 under LBJ on the theory that the private insurance market couldn't handle flood damage, presumed that Washington could.
You might think that after the first or second disaster, those in charge of the insurance program would have offered to pay for the owner to rebuild-somewhere else.
A house outside of Baton Rouge, La., assessed at $56,000, has soaked up 40 floods and over $428,000 in insurance payouts.
Homes in this category make up about one percent of the buildings covered by the flood insurance program-but 30 percent of the claims.
As National Resources Defense Council analyst Rob Moore told The Washington Post, "No congressman ever got unelected by providing cheap flood insurance."
Local officials find it unpleasant to deliver such unpleasant news to flood victims, so they "Lowball damage estimates, putting people and homes back in vulnerable places." The Chronicle found that in Galveston, after Hurricane Ike in 2008, dozens of properties had assessed damage of less than 50 percent-despite getting between eight and 15 feet of water.
Thanks to the flood insurance program, we're already in over our heads.
http://reason.com/archives/2018/07/23/how-the-national-flood-insurance-program
You might think that after the first or second disaster, those in charge of the insurance program would have offered to pay for the owner to rebuild-somewhere else.
A house outside of Baton Rouge, La., assessed at $56,000, has soaked up 40 floods and over $428,000 in insurance payouts.
Homes in this category make up about one percent of the buildings covered by the flood insurance program-but 30 percent of the claims.
As National Resources Defense Council analyst Rob Moore told The Washington Post, "No congressman ever got unelected by providing cheap flood insurance."
Local officials find it unpleasant to deliver such unpleasant news to flood victims, so they "Lowball damage estimates, putting people and homes back in vulnerable places." The Chronicle found that in Galveston, after Hurricane Ike in 2008, dozens of properties had assessed damage of less than 50 percent-despite getting between eight and 15 feet of water.
Thanks to the flood insurance program, we're already in over our heads.
http://reason.com/archives/2018/07/23/how-the-national-flood-insurance-program
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