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Another way of looking at this is why should the Government continue to subsidize insurance for properties in flood zones? The entire program is unsound from an actuarial basis.
If they are going to end a problem program, that is fine. But you don't just let it expire to re-instate it a couple of weeks later (during flood season no less). You make an announcement so those purchasing homes and those owning homes understand that they are responsible for their own arraingments in advance.
I have no problem with the government ending public subsidies. They should also not create new ones. However, that is not what is going on with this situation. They just failed to administer the plan and let it expire. That is mismanagement plain and simple.
Perhaps this is all true but NFIP is still not a welfare program.
If the government needs to charge more it should do so.
Agreed.
I can't see how it pays out more than it takes in as I know a whole busload of people like myself who have been paying premiums for years without making any claims. It must be very inefficient.
I have no idea of their effiiciency or not.
Every national disaster that involved flooding is another hit on NFIP. That you have not, means nothing in the big picture. Imagine the claims from what's going on in Rhode Island and in other NE locations, this week.
It is flat out WRONG to discontinue a program that the government itself REQUIRES.
Most of the world expects people who choose to live in in flood prone areas to self insure. Only in the U.S. does the Government enable so many to live where they want, despite the risks.
If they are going to end a problem program, that is fine. But you don't just let it expire to re-instate it a couple of weeks later (during flood season no less). You make an announcement so those purchasing homes and those owning homes understand that they are responsible for their own arraingments in advance.
I have no problem with the government ending public subsidies. They should also not create new ones. However, that is not what is going on with this situation. They just failed to administer the plan and let it expire. That is mismanagement plain and simple.
Not to mention that it is government that REQUIRES folks to have this insurance if they are in a flood zone.
Most of the world expects people who choose to live in in flood prone areas to self insure. Only in the U.S. does the Government enable so many to live where they want, despite the risks.
Well-that may be true but since the government itself is the entity that requires people to have flood insurance then there needs to be a program to provide that insurance.
I live 25 miles inland in FL and the government requires me (and all my neighbors in this city of 60,000) to have flood insurance even though we don't really need it. Since I am in a government defined flood zone the government requires me to have flood insurance. My mortgage company also requires that I comply with the government's mandate.
If the government wants to stop providing flood insurance that would be fine with me. I don't really need it even though the government says I do. However, if they are going to require me to have it they do have a responsibility to ensure that I can continue to get it.
Well-that may be true but since thegovernment itself is the entity that requires people to have floodinsurance then there needs to be a program to provide that insurance.
I live 25 miles inland in FL and the government requires me (and all my neighbors in this city of 60,000) to have flood insurance even though wedon't really need it. Since I am in a government defined flood zone the government requires me to have flood insurance. My mortgage company also requires that I comply with the government's mandate.
If the government wants to stop providing flood insurance that would be fine with me. I don't really need it even though the government says I do. However, if they are going to require me to have it they do have a responsibility to ensure that I can continue to get it.
This is not true. If you own your property free and clear, you do not need flood insurance. Thousands of owners of coastal and barrier island properties, in Florida " self insure" their own risk.
If however, you have a mortgage and the lender is federally regulated or the loan is somehow/way insured or guaranteed by some form of government, you are not allowed to transfer the flood risk to your lender. You need flood insurance just as you do, property insurance.
Pay off your mortgage and you are free to self insure or not.
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