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How does the flood insurance program work? I thought it was basically government subsidy for getting insurance where it would not make for an insurer to insure.

• brucethemoose2 3y ago
  The government produces floodmaps that dictate your "flood zones" and affect your rate, and you can either buy public or government approved private insurance. We are in a lower risk flood zone, but insurance is really expensive now, yeah, and getting much worse. Also it doesn't really cover all the possessions in your home, at least for us. The insurance scheme doesn't matter. The fundamental problem is that too much stuff is built in flood prone areas, and someone has to foot that bill when all that stuff gets trashed. Its like building neighboorhoods on the lip of volcano. The cost is unpredictable and potentially huge, but inevitable in the near term, which must be a nightmare for insurers.
  • WarOnPrivacy 3y ago
    > We are in a lower risk flood zone, but insurance is really expensive now, yeah, and getting much worse. An additional problem is that flood risk is based on area elevation rather than dwelling elevation. In a zone where houses range from 2' to 40' elevation, those dwellings are all rated the same for surge risk.