We have always called a spade a spade. The Federal Emergency Management Agency, better known as FEMA is now in our cross hairs. Let’s be honest here, this is a Welfare Agency for the rich. How so? Those who live on the water benefit by buying cheapo insurance from the National Flood Insurance Program (NFIP) from FEMA; the cost is 1/10 of what private insurance would charge. Contact them now, they are waiting for your call. For more information about the NFIP and flood insurance, call
1-800-427-4661

Two Types of Flood Insurance Coverage
The NFIP’s Dwelling Form offers coverage for: 1) Building Property, up to $250,000, and 2) Personal
Property (Contents), up to $100,000. The NFIP encourages people to purchase both types of coverage. Your mortgage company may require that you purchase a certain amount of flood insurance coverage.

Private insurance companies do insure those with waterfront properties in need of more than the $250,000 limit set by NFIP. However the rates are at market. Excess Flood Insurance Rates are through the roof. It’s expensive, though specifics are hard to come by until you start seeking quotes. In many instances the next $500,000 of insurance cost between $10,000 to $20,000 per year, when in fact the average FEMA policy is closer to $1000.

We don’t mind a flood of money going to states that suffer a natural disaster and specifically used for repairing infrastructure, but filling the pockets of rich people with our money is beyond the pale. It is time for FEMA to exit the insurance market. Those who take risk by living on the water must pay for their own proclivity. They will find that the rate for a basic FEMA policy of $250,000 offered by the private sector is closer to $5000. The rest of us suckers literally bail them out. They play, we pay.

We suspect a flood of claims to be submitted to FEMA for flood damage by people who don’t have flood insurance. The estimates are that 270,000 out of 1.3 million properties were insured. Uncle Sam will bail out those who thought the big one will never come. Time for the United States to say we had enough and warn those who take risk to accept the consequences. After all if you don’t have life insurance do your heirs ask the government to pay up?

Don’t forget the other largess funded by Uncle Sam, rebuilt beaches, breakwaters and sea walls to protect the waterfront homes. We pay time after time. Have any of these super rich ever invited you to sit on their deck over looking the ocean? Time for the government to exit the private sector for good.