Flood Insurance Program Deeply in Debt

The National Flood Insurance program is over $19 billion in the red ink, says the Congressional Budget Office, and it will add another $900 billion a year to its debt figures. Various reasons are given, but the biggest seems to be leniency in allowing flooded home owners to rebuild, again and again, on the same ground in the country’s worse flood planes, and some claimants have received more than 10 times the value of their properties. The second biggest issue is the discounts for 2nd homes, many going to wealthy owners in very ‘high end’ areas.

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