More than 5 million homeowners and businesses rely on the federally-run National Flood Insurance Program (NFIP) for protection from flooding, but with each passing year, the program’s design flaws and mismanagement are nudging it closer to insolvency.

Despite repeated bailouts by Congress, the NFIP continues to lose an estimated $1.4 billion each year. The program’s debt to the U.S. Treasury now exceeds $20 billion, which no one expects it to ever pay back.

But the NFIP’s problems are largely self-inflicted.

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