Attention politicians that did not read the Biggert-Waters Flood Insurance Reform Act of 2012 before voting for it.
Federal flood insurance reform demands a renaissance of reason ~ Steve and Peggy Nicosia
Here is what you don’t hear in the mainstream media outlets like the New York Times:
(3) 40 percent of premium dollars going to the NFIP and private insurance companies for program administration, (4) adjusters who wrongly attribute wind damage to the flood program, and (5) 40 percent of federally backed mortgages required to carry insurance do not carry it — have led to premium increases of up to 3,000 percent and much more. Policies now costing $500 can increase to more than $20,000 when rates are fully phased in because structures are deemed out of compliance by Biggert-Waters.
True NFIP reform means clearing the rats off the money, not bankrupting your own people so insurance companies based in Illinois can make a fortune. And that’s the bottom line……..