A reasonable cap on coverage for high risk properties is critical. There are no endless funds available to governments/taxpayers especially today with already record debt at every level. Everyone must focus on mitigation and risk reduction first as well as increasing the onus on individuals for greater self-insurance as this prompts us to make more cost-effective allocation decisions about where and how we choose to make our buildings.
The government is facing billions of dollars in flood insurance claims following hurricanes Harvey and Irma, and residents that live in flood-prone homes are applying for government buyouts though the Federal Emergency Management Agency, also known as FEMA. So can the financially-troubled National Flood Insurance Program move fast enough to help residents before they accept federal funding to rebuild?
This video explains the steep challenges facing the NFIP, which was roughly $25 billion in debt before the costly back-to-back hurricanes. Here is a direct video link.
You can also see the current rules around flood insurance in the US here.
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