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And the National Flood Insurance Program expired on Sunday. The earliest lawmakers could consider renewing it is on April 12 when they return from recess.
Just heads up for anyone who might be impacted by this.
Government was too busy going after health insurance to conduct the business they already have. Incompetant fools run this country.
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.
I agree with middle aged mom. People need to make responsible, informed choices when buying a home. It should not be the governments place to "bail out" people living in a flood zone.
I agree with middle aged mom. People need to make responsible, informed choices when buying a home. It should not be the governments place to "bail out" people living in a flood zone.
National Flood insurance is not a welfare program. It is paid for via premiums. When you pay for insurance that is MANDATORY you expect it to be there when you need it. If I could buy it from a private insurer I would but the government is the ONLY provider of this insurance.
I was required to pay flood insurance on a home I owned in Saratogo County, NY. I never had any claims on that policy (it's an insurance policy). I am also required to maintain a policy on my home in FL. I have never collected on that policy. If I need to collect on the policy at some point it would be nice for the program to be intact, since I have been paying into it for at least 15 years.
I certainly home that your insurers are there for you when you need them. NFID is not a welfare program for people living in flood zones. People pay premiums every year and most never collect.
National Flood insurance is not a welfare program.
I think a history lesson may be in order here.
NFIP was formed in 1968 after private insurers refused to insure flood risks because it was not economically feasible to do so.
NFIP routinely borrows from the Treasury to pay claims in excess of premiums, because such premiums are not reflective of true risks, a form of welfare.
Prior to 2006, NFIP annual debt to the treasury ranged from $50- 917 million. I believe it currently stands at $19.2 billion.
On 3/11, Congress extended NFIP's authority to 9/30/10.
NFIP was formed in 1968 after private insurers refused to insure flood risks because it was not economically feasible to do so.
NFIP routinely borrows from the Treasury to pay claims in excess of premiums, because such premiums are not reflective of true risks, a form of welfare.
Prior to 2006, NFIP annual debt to the treasury ranged from $50- 917 million. I believe it currently stands at $19.2 billion.
On 3/11, Congress extended NFIP's authority to 9/30/10.
Perhaps this is all true but NFIP is still not a welfare program.
If the government needs to charge more it should do so. 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.
It is flat out WRONG to discontinue a program that the government itself REQUIRES.
The owner of the house in the foreground let his flood insurance lapse. After all, he's 2 ft. above mean high tide so he should be safe. At least that was the reasoning.
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