As the House Financial Services Committee Meets this week to discuss reauthorizing the National Flood Insurance Program (NFIP), there is a lot at stake. The NFIP, on which 5 million Americans depend for protection from flooding, began with the best of intentions — reducing the burden on federal taxpayers stemming from flood relief while providing […]
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The Hill: Shutdown Should Focus Attention on Common-Sense Flood Insurance Reform
As the partial federal government shutdown drags on, numerous agencies have closed shop or are operating with a skeleton crew. That includes the National Flood Insurance Program (NFIP), the government-run insurer intended to help Americans recover from floods. With more than 5.1 million policies providing over $1.3 trillion in coverage, the NFIP is by far […]
Privatization Can Help Save the National Flood Insurance Program
As Congress looks for a way to put the program back on track, creating a larger role for the private market should be central to any reform plan. This piece can be read in its entirety at Inside Sources. Privatization Can Help Save the National Flood Insurance Program
The National Flood Insurance Program Needs Reform
The National Flood Insurance Program (NFIP) was reauthorized as it approached its funding deadline. NFIP has been there many times before. Unfortunately, reauthorization comes without much needed reform. NFIP insures five million flood insurance policies. Over the years, NFIP has had difficulty setting rates high enough to cover the claims that policy holders file in […]
Daily Caller: A Bit Of Insanity: Government Spending On Flood Insurance
When flooding occurs at least 26 times per year on more than 10% of a community’s usable land, it’s called “chronic inundation.” To attempt the cleanup and restore an area subject to chronic inundation area would act out Albert Einstein’s definition of insanity. As stated: “Insanity is doing the same thing over and over and expecting […]
Congress Needs to Enact Reforms to the NFIP
Today, a coalition of public policy groups sent an open letter to Congress calling for the enactment of reforms to the National Flood Insurance Program (NFIP). The program loses billions of dollars each year and it needs to incorporate policies that mitigate losses, as well as spread more flood risks to private sector insurers. To […]
Consumers Deserve More Choice for Flood Insurance
Dear Chairman Crapo and Ranking Member Brown: I am writing to urge the Committee to include the bipartisan Flood Insurance Market Parity and Modernization Act in any reauthorization bill. This bill, which passed the House 419-0 last year and recently passed out of the House Financial Services Committee unanimously is needed to clarify that consumers […]
Morning Consult: America’s Next President Must Plan for More Frequent Floods
This week’s presidential debate rightfully focused on how to protect America’s homeland, but failed to mention one of the nation’s most dangerous and growing threats: natural disasters. Multiple devastating floods have soaked the country at an alarming rate, killing at least 248 Americans since January 2015. With extreme weather events becoming more frequent, expensive and […]
Daily Caller: Goodbye Tropical Storm Colin, Hello CBO Study
Tropical Storm Colin left the southeastern states and headed toward the North Atlantic leaving up to 10 inches of rain, some wind damage and minor flooding. An estimate of damage to structures has yet to be completed, but compared with storms in recent years coastal residents have avoided hurricane-force devastation. Not so lucky are the residents exposed […]
ACI in the Courier-Post: Time to Reform the Federal Flood Insurance Program
Imagine a scenario in which New Jersey residents impacted by last month’s Nor’easter could not rely on flood insurance to help them rebuild their homes and businesses. Unless Congress takes action soon, this nightmare scenario could become a reality. The struggling federal flood insurance system is a man-made disaster more than a decade in the […]