This piece, published in the Daily Journal and written by Steve Pociask, discusses how to protect consumers from what has become a flood insurance crisis. To read the piece, visit the Daily Journal.
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 […]
This piece, published in today’s Daily Caller and written by Steve Pociask, discusses why private insurers should be allowed to provide flood insurance in a market where the government continues to fail. To read the piece, visit the Daily Caller.
The National Flood Insurance Program (NFIP) chronically subsidizes the flood insurance premiums for high risk homeowners, offering them premiums that are lower than the predictable payouts. These subsidized homeowners live in areas proven to be flood-prone. Their dwellings are repeatedly insured, then flooded, and then re-built with NFIP money. Since the re-build costs are much […]
While there is no preventative measure to stop a hurricane from reaching Florida, preparation is paramount and it requires going beyond buying generators and stocking up on batteries, bread and water. It requires financial preparation, which is something that Florida leadership has been focused on in recent years. In March, Citizens Property Insurance Corp., the […]
Federal and some state insurance programs are out of control. A new study finds that Florida’s biggest homeowner’s insurer – state-run Citizens Property Insurance Corporation (Citizens) – has been disproportionately subsidizing rich coastal homeowners, compared to other homeowners in the state. The statistical study, conducted by professors at the University of Chicago and University of […]
No region of the United States has a monopoly on catastrophes. Our communities are exposed to floods, hurricanes, tornados, earthquakes, droughts and fires. Some of us are more accustomed to seasonal flooding and high winds, and others to drought and fires. We never know precisely when they will arrive, but we know they will surely […]
In case you missed it, below is ACI’s piece in today’s Daily Caller. It explains how H.R. 3370 (a bill to gut the implementation of the Biggert-Waters Flood Insurance Reform Act of 2012) will cost consumers and taxpayers.
Today, R Street, The American Consumer Institute Center for Citizen Research and National Tax Union submitted comments calling on regulatory reforms, including greater use of private capital in flood insurance markets.
Last year, Congress took a major step toward reforming the National Flood Insurance Program by reducing wasteful subsidies that have put the program in the red. Now, some in Congress want to stop these reforms. ACI has signed onto a letter calling for the reforms to continue. The letter can be viewed here.