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Home » Taxpayers stiffed for underpriced flood policies
June 10, 2013

Taxpayers stiffed for underpriced flood policies

Attached below is an article regarding a recent freeze to rate hikes that were approved last year for the National Flood Insurance Program.  The NFIP is where consumers are able to purchase flood policies for their homes or businesses.  Flood policies have long been underpriced for the risk they represent.  As a result, since the NFIP is a government run program, taxpayers end up carrying the load for subsidizing the underpriced risk. 

Personally, I think this is wrong.  Why should we as taxpayers have our tax dollars spent to pay for some rich guy’s expensive beach home.  If he wants to build a beach home where he knows it will eventually flood then he should assume the entire risk.  As a tax payer I want my tax dollars to be used more prudently. 

As usual the views expressed here are those of James Brown- owner of Lone Star Insurance Agency. 
What are your thoughts?

Coastal lawmakers, fearing rate hikes, cross party lines to keep flood insurance subsidies

Tags: Burleson TX Insurance, Flood Insurance, James Brown Insurance, lone star insurance agency

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