Did you know that in 1968

  • Thread starter Thread starter Sgt. Baker
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Sgt. Baker

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FEMA began providing flood insurance to consumers because private insurers were refusing to insure people for flood damage in flood zones. There is a new bill to expand the flood zones where flood insurance is required to purchase a home and it will also increase the current premiums and deductibles.

link to bill
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h5114rh.txt.pdf
 
It's a government run insurance business expanding it's mandated customer base and raising prices through legislation to recoup the billions it lost on paying out for Katrina. Guess they get now why the private companies didn't want to insure people who live in flood zones.
 
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