Want to rail about wasting taxpayers’ money? The National Flood Insurance Program might be a place to start, according to a report released yesterday by the Union of Concerned Scientists. The flood insurance program, funded by taxpayers nationwide, is rife with problems, according to the organization.
Here's a short list of shortcomings the union identified:
Artificially low insurance rates encourage risky development in coastal areas. Flood maps do not accurately reflect the risk of flooding, especially with global climate change projected to cause sea levels to rise. Repeated payments to the same high-risk properties in coastal areas -- almost $9 billion nationwide since 1978.