Mock Congress Bill Idea: Flood Insurance - In 2005 Hurricane Katrina hit New Orleans and drowned the Ninth ward In 2012 Hurricane Sandy struck New York

Mock Congress Bill Idea: Flood Insurance - In 2005...

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In 2005 Hurricane Katrina hit New Orleans, and drowned the Ninth ward. In 2012 Hurricane Sandy struck New York, Many homes were ruined. In 2017 Harvey hit Texas, a month later Maria hit Puerto Rico and Florida. If it wasn’t for flood insurance, many of these homeowners would be without a home. Government subsidization of flood insurance was a great concept, but it has too many flaws in the system. Now the program is almost 25 billion dollars in debt. This is a serious problem, and there’s a simple way to cut NFIP’s spending, stop paying the insurers legal fees. Thats right, the NFIP has been paying their private insurers legal fees in lawsuits. To fully understand this injustice, we have to dig deeper into FEMA. A small lesson on Government subsidized flood insurance; FEMA flood insurance was created in 1968 for a simple reason, people lived on floodplains, and it was too economically risky to provide flood insurance. These insurance companies work solely for profit, and if a natural disaster is devastating enough, it’s not worth protecting people from. The Government saw this problem
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