Inside Sources: It’s Time for Congress to Reform the Flood Insurance Program

Lawmakers have until the end of May to debate meaningful reforms to the NFIP — the National Flood Insurance Program that has been in over $20 billion in debt (and growing) for many years. To fix that program, one positive legislative proposal would direct the NFIP to base premiums on a property’s replacement cost value, as […]

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 […]

The Hill: Fixing the National Flood Insurance Program

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 […]

Real Clear Policy: NFIP and Subsidies for the Rich

When Congress created the National Flood Insurance Program (NFIP) in 1968, its goal was to provide affordable insurance to help communities rebuild after flooding. In the years since, the program’s finances have gone from bad to worse, and it now stands out as a model of flawed design and financial mismanagement. The program loses about […]

Cassidy and Menendez Compromise is a Bad Deal for Taxpayers and Consumers

The National Flood Insurance Program (NFIP) is in desperate need of reform to maintain its solvency, but a recent proposal in the Senate would only make the problem worse. It’s not hard to identify the source of the NFIP’s financial difficulties. The program simply doesn’t charge premium rates that fully reflect risks. That, coupled with […]

Morning Consult: Flood Insurance Reform is Long Overdue

Hurricane Florence displaced thousands of homeowners and destroyed entire cities along the Atlantic Coast. But because of outdated policies, most consumers who were forced to flee their homes will be unable to use flood insurance to recover and rebuild their property. In the absence of a major flood reform bill, this exact scenario will play […]

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 […]