National Flood Insurance Program is billions of dollars in debt


LEVEE SYSTEM THE U-S SENATE IS CONSIDERING A REAUTHORIZATION OF THE "NATIONAL FLOOD INSURANCE PROGRAM"– THE PROGRAM, IS COSTING TAXPAYERS BILLIONS OF DOLLARS AS IT WAS DESIGNED TO PROVIDE LOW COST INSURANCE FOR HOMES IN FLOOD ZONES

BUT AS ERIC ZERNICH REPORTS THIS YEAR'S ACTIVE HURRICANE SEASON HAS SOME CONCERNED THE INSURANCE PROGRAM COULD FALL TOO FAR IN DEBT IT WILL NEVER BE ABLE TO PAY BACK THE GOVERNMENT THE NATIONAL FLOOD INSURANCE PROGRAM WAS CREATED BY THE FEDERAL GOVERNMENT IN 1968 WHEN PRIVATE INSURERS STOPPED COVERING FLOODS AS THEY WERE GOING BANKRUPT PAYING OUT FLOOD DAMAGES JIM DONELON – LOUISIANA COMMISSIONER OF INSURANCE "TO MAKE IT AVAILABLE AT AN AFFORDABLE RATE AND PERHAPS THAT WOULD BE BELOW THE ACTUAL COST, AS IT TURNED OUT IT WAS INDEED BELOW THE ACTUARY COST THAT THE COVERAGE THE GOVERNMENT WAS PROVIDING FOR FLOOD DAMAGE" FOR THE FIRST 35 YEARS THE PROGRAM WAS SUCCESSFUL TAKING IN MORE MONEY THAN IT WAS PAYING OUT BUT THAT CHANGED IN 2005

"SO IT ROCKED ALONG AS INSURANCE OFTEN DOES FOR DECADES PAYING FOR ITSELF BUT THEN THE BIGGY KATRINA HIT AND RITA 3 WEEKS LATER IN OUR STATE THAT REALLY PUT A HOLE IN THE PROGRAM" A COST TO THE NATIONAL FLOOD INSURANCE PROGRAM OF NEARLY 18 BILLION DOLLARS THEN IN 2012 HURRICANE SANDY RACKED UP A 92 BILLION DOLLAR BILL AFTER HITTING THE NORTHEAST AND IN 2016 FLOODS, INCLUDING RIGHT HERE IN ACADIANA, CAUSED MORE THAN 8 BILLION DOLLARS IN DAMAGES

"NOW WE ADDED BATON ROUGE, WHICH WAS THE FOURTH WORST BEFORE THIS SUMMER, BOTH OF THOSE ARE GOING TO EXCEED IT, HOUSTON AND FLORIDA ARE ANTICIPATED TO BE ABOUT 11 BILLION AND 9 BILLION" THOSE LOSSES ARE EXPECTED TO DOUBLE THE DEBT FOR THE FLOOD INSURANCE PROGRAM WHICH SAT AT 24 BILLION DOLLARS BEFORE HARVEY, IRMA, AND MARIA IN LAFAYETTE, ERIC ZERNICH, KATC TV3 ANCHOR TAG: TOMORROW WE LOOK AT

Source: Youtube


Like it? Share with your friends!

AJ

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format