NFIP in the Red

March 12, 2011

National Flood Insurance Program is in trouble according to hearings on the Hill today.  They have 18 billion dollar debt with taxpayers on the hook for approximately 5 million homeowners who have this federal flood insurance.

Experts stated the rates must increase so private insurance companies will offer flood insurance so the government won’t have so many policies. Here is another example of government involvement putting ¬†taxpayers on the hook for billions just like the postal service.