C3 Solutions makes the case for reforming the National Flood Insurance Program.
- The NFIP is more than $20 billion in debt, fails to protect citizens, and must be reformed.
- In order to fix the NFIP’s current problems, the government should end the practice of grandfathering in rates, which encourages bad building practices.
- The government should unlock barriers to allow private insurers into the market. This would result in more accurate rates and less economic damage.
- It should also invest in natural, cost-effective solutions to help mitigate flooding risks.
Read the policy paper here.