No matter where you live along the Gulf Coast from Biloxi through Gulport and on to New Orleans, at least one of your elected representatives are going to vote in favor of legislation to prop up the National Flood Insurance Program when they get back to DC after the holiday recess; and like it or not you are going to contribute to the $18billion debt of the NFIP through your tax dollars.
FEMA plans to mandate flood insurance for anyone lives within miles of a beach or a flood plain to pay back the $18billion they paid out in Katrina claims. You will pay for Hurricane Irene’s damage whether you like it or not.
In a flood claim case, the owner of a $153,000 Alabama home was paid $2.3 million in multiple recurring claims according to FEMA records.
FEMA records document many cases such as a $70,000 property whose owners were paid the aggregate of $663,000 resulting from 34 seperate claims.
The office for Government Flood Insurance Program (NFIP) says that people collect millions of dollars as a result of recurring claims and it’s all legal.
Taxpayers should expect to pay the costs for those shacks on stilts along the Atlantic coast that will get washed away by Hurricane Irene through National Flood Insurance Program, government subsidized coverage that pays up to $350,000 for residential exterior and interior losses and $500,000 for commercial claims.
National Flood Insurance can cost as little as $129 per year depending upon location in a flood area according to FEMA and Floodsmart.gov.
The average full payout policy costs approximately $600 about 50% less expensive than a private insurers cost to a consumer for an average $250,000 home of 2,000 square feet in the U.S.
NFIP is broke, insolvent and about $18billion in debt and covered as much in claims since Hurricane Katrina.
The program needs to borrow more taxpayer dollars authorized by the Congress as it continues to pay damages from flooding or mud slides for the same property claims.
According to Floodsmart.gov, a 6 inch flood to a 2,000 square foot home could cost about $39,000 in repairs and damage vs a 4 foot flood which could cost approximately $75,000.
Flood Insurance is issued through a network of approximately 90 subsidized private insurers who are waiting for Congress to return from its recess and vote, shortly after Labor Day, to soak the taxpayers by adding more tax dollars to another failing government sposored program, the NFIP.
Which states have the most claims along the eastern seaboard? New Jersey and New York with 52,637 and that’s more than Maine, Massachusetts, Delaware, Rhode Island, Maryland, DC and Connecticut combined with 16203.
Government records show the entire east coast block of states has filed more flood claims (68,840) than Florida, Georgia, South and North Carolina combined with 68,779 leaving any statitician to wonder if flood insurance claims are a cottage industry along the east coast given the general track of severe hurricanes across the south since 1978.
“If this were a private insurer, it would be bankrupt,” said Dr. Bob Hartwig, a president of the Insurance Information Institute.
The Government Flood Insurance Program covers about 5 million homes and businesses.
For more information, contact DisasterAssistance.gov at (800) 621-FEMA
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This column was prepared for publication by Hank Richards, joltleft.com writer for Huntsville, Alexandria the Gulport/Biloxi/Gulcoast restoraton region and is a press pool reporter for the British Petroleum Recovery Program.
To report a breaking story or to write a letter to the editor for publication, contact Hank at (256) 417-6084 or send an email to firstname.lastname@example.org at his website www.pronlinenews.com