The National Flood Insurance Program has been in the national news recently in a series of unsympathetic reports.
This week’s forecast calls for another nor’easter to follow the one that combined with astronomical high tides to flood the much of East Coast last week. Affected property owners probably hope the magnitude and frequency of those storms would serve as a call-to-action for Congress to reform the beleaguered National Flood Insurance Program.
The National Flood Insurance Program shut down at midnight on Friday along with most of the rest of the federal government. No new policies can be written during the shutdown, but losses sustained during the shutdown will be paid as usual, according the Federal Emergency Management Agency, which administers the plan.
If there is one thing that 2017 has taught us, it’s that uncertainty is certain. From international dealings to domestic policy, no time has been as uncertain as now. There’s no exception when
Preliminary loss estimates for Hurricane Irma is estimated to be between $42.5 billion and $65 billion (excluding uninsured commercial losses), according to a report released today from CoreLogic, a global property information company.
The National Flood Insurance Plan is drowning in debt that it may not be able to repay. Inaccurate flood maps, climate change and premiums that don’t accurate reflect risk levels are just a few of the barriers to solvency.