Revava Sharfuddin of Reason writes that it is time to drown the National Flood Insurance Program (NFIP).
- The National Flood Insurance Program incentivizes people to live in flood-prone areas by not properly calculating flood risk in its insurance premiums.
- The program is about $20 billion in debt, which taxpayers across the nation are on the hook to pay.
- Rather than continuing to fund a broken system, Congress should look to reform the NFIP.
“As politicians go on a spending spree, hiding pet projects hidden in lengthy climate legislation, we need cheaper, smarter, and more effective policies. A private flood insurance market will make premiums expensive for people wanting to build in a flood-prone area—or not offer insurance at all where the risk is too high. That is how the market is supposed to work.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
