re: Flood insurance rate increases

quote:

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I hope you understand this is a subsidy for people to live in disaster prone areas. That is all it is. Republicans/Red State Louisiana highly support it but don't realize it is a subsidy. Those same people scream about handouts to everyone else. I also hope everyone's rate increases enough to where taxpayers do not have to foot the bill for people who choose to live in flood prone areas.

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Most of those flood prone areas are not in the south, and if the NFIP didn't exist you would have no economic activity along the entire coastline of most major rivers in the US.

The NFIP began due to frequent flooding in Midwestern states from the Ohio and Mississippi rivers like Wisconsin, Illinois and Iowa, and not coastal flooding.

The primary function of flood insurance is to facilitate commerce where economic investment would not otherwise occur, like within 50-100 miles of a major river.

FYI, as an insurance program, the NFIP has been profitable over its existence (premiums collected exceed claims paid) but the annual surpluses have been plundered by the Treasury to waste on other programs (similar to the Social Security trust fund).

We citizens now get to replace the stolen surplus.