Interesting non-political article about the mess federal flood insurance has become. Basically it's way under-priced in many areas and flood maps are frequently out of date. Congress is working on re-authorizing it. Hopefully they're able to move things in the right direction.all around the country, the federal government is dramatically undervaluing the risk of flooding to their homes or businesses.
The lie originates from the National Flood Insurance Program, which sets rates for 5 million people living in flood-prone areasóbased on flood projections that are sometimes decades out of date. Even when the projections are updated, the program lets people pay the old, underpriced insurance rates. Thatís left the program $24 billion in debt, running an annual deficit of $1.5 billion. Congress is currently holding hearings to reauthorize the NFIP and put it back in the black. But updated, truthful flood insurance prices could put millions of home and business owners deep in the red.