Expanding National Flood Insurance a Flawed Plan

Summary

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Heaven knows that the folks in New Orleans have had more than their share of trouble. And that federal officials did a poor job of helping them. But the government can't make up for that by buying into a boondoggle.

That's exactly what it would mean to have the government become the hurricane insurance provider to coastal areas - at taxpayer expense. The National Flood Insurance Program is already insolvent beyond repair. Its deficit is $17.5 billion and growing by close to a billion each year. Now, Congress wants to add wind damage to the list of payouts from the program. Such a change would create numerous problems, not the least of which is a massive and unfair taxpayer burden.

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Expanding National Flood Insurance a Flawed Plan

Taxpayers already have provided more than $20 billion in coverage related to the Katrina flood insurance shortfall. Wind insurance ...

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