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Schumer Insists on Keeping Beachfront Bailouts for Wealthy Americans’ Vacation Homes

FreedomBunker‘s Ed Krayewski reports that Senate Majority Leader Chuck Schumer is opposing FEMA’s plans to have insurance rates accurately reflect flood risk under the National Flood Insurance Program (NFIP).

The C3 Take
  • The NFIP is a broken government program that fails to protect its policyholders from flooding.
  • Premiums do not accurately reflect flood risk leading to bad building policies and Americans moving into high-flood-prone areas.
  • Taxpayers from across the nation are on the hook for paying off the NFIP’s debt, which is more than $20 billion.
  • In order to truly protect Americans from flood risk, and have people pay their fair share the NFIP must be reformed.

“The National Flood Insurance Program (NFIP) run by the Federal Emergency Management Agency (FEMA) is $20.5 billion in the hole, even after Congress canceled $16 billion in debt in 2017. This financial shortfall is largely because the program does not charge nearly enough in premiums to pay for the flood damage on the properties it insures. For decades, taxpayer bailouts of the NFIP have enabled people to live and build in flood-prone areas instead of bearing the risks themselves.”

Read the full article here. Read more about NFIP reform here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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