End the National Flood Insurance Program?
The media spotlighted the issues!
Eric Holdeman | June 4, 2016
*** begin quote ***
In the Frontline program, the question was asked about how much profit the insurance companies make on the program with no good answer from FEMA. And I personally was amazed that FEMA paid for the litigation costs for the insurance companies, leaving the poor claimants to fight the insurance companies on their own dime. Clearly, reforms are needed — big reforms, not just tweaking the program.
*** end quote ***
Here’s yet another Gooferment program that is Crony Capitalism (i.e., handouts for Big Insurance) and a subsidy program for the rich.
After Sandy, folks like myself who paid for “flood insurance” for 30 years found out they got no benefit because it wasn’t their primary residence. When I asked what I paid for, I was told: “I guess you made a mistake.” Argh!
Yet, “rich people” get their houses rebuilt time after time.
In places in NJ where the Gooferment has rebuilt the same communities over and over under the guise of “flood insurance” and “helping devastated families”.
In a real free market insurance, an insurance company would NOT insure a repeated loss for a house in a river valley time after time. Unless the premium was astronomical.
The Gooferment subsidizes poor decisions at the expense of the Taxpayers.
Sounds like this program should be killed immediately!
# – # – # – # – #