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Flood Insurance and the NFIP

Flood insurance policy holders with the National Flood Insurance Program (NFIP) saw their premiums increase in April. The program, which provides the vast majority of flood insurance policies in the U.S., is currently digging itself out of a nearly $24 billion dollar debt following claims from Hurricane Katrina in 2005 and Superstorm Sandy in 2012. 
Of the NFIP’s 5.1 million policies nationwide, 1.8 million of those are for properties in Florida. Through a bipartisan effort led by Florida U.S. Representatives Dennis Ross, a Republican, and Patrick Murphy, a Democrat, Congress unanimously passed the Flood Insurance Market Parity and Modernization Act. That measure is helping increase the number of private insurers offering flood insurance policies and taking some of the burden off the federal government.

Meanwhile, among accusations of fraud and lengthy delays, NFIP officials this week announced the latest changes to the program aimed at increasing transparency and restoring credibility. With a reauthorization of the NFIP due in 2017, we explore the current status of the NFIP and the flood insurance marketplace.

Guests:

Chris Heidrick, Charted Property Casualty Underwriter/ Founder and Principal of Heidrick & Co.

Christian Camara, R Street Institute Senior Fellow and Florida State Director