Kyle Bagenstose, Dinah Voyles Pulver and Kevin Crowe of USA Today report on the First Street Foundation’s most recent flood insurance study.
- The First Street Foundation has found that the rates under the National Flood Insurance Program (NFIP) will need to quadruple in the nation’s most flood-prone areas in order for the NFIP to remain solvent.
- The NFIP, which is billions of dollars in debt, provides about 95% of the nation’s flood coverage.
- Rates under the NFIP oftentimes do not accurately reflect flood risk for properties, leaving taxpayers across the nation on the hook to pay the cost.
- This report from the First Street Foundation highlights the need for the NFIP to be reformed to accurately reflect flood risk.
Read the full article here.