The National Flood Insurance Program (NFIP) began with good intentions. It was first enacted for the purpose of making flood insurance reasonably affordable while protecting against losses after disasters. However,
Congress failed to accurately update the program in the face of climate change and new coastal development. Because of this oversight, the overall risk associated with the program outgrew the collection of premiums, which led to an enormous debt to be incurred by the federal government. Once changes did finally come, they led to massive increases in insurance rates and a massive public outrage. Residents of states like Florida faced the possibility of losing their homes because of skyrocketing insurance costs. This article proposes several viable alternatives that would alleviate these issues and solve the problems of the current NFIP.
Loren M. Vazquez, Big Storms, Big Debt, and Biggert-Waters: Navigating Florida's Uncertain Flood Insurance Future, 5 Seattle J. Envtl. L. Article 5 (2015)