You have it pretty well figured out. The premiums are not actuarially
sound. You can read that as not enough premium to cover the risk. Everyone
gets to help pay the claims. Wait, hold the presses. Everyone who pays
taxes gets to help pay the claims. That is no where near everyone. Bill
"Retired Insurance Agent" Barber
In a message dated 2/12/2014 10:09:49 A.M. Central Standard Time,
chucknorcutt@xxxxxxxxxxxxxxxx writes:
The flood insurance program is deeply in the red
since the flood probability projections developed by the US Army Corps
of Engineers are in significant error and further complicated by the US
Congress's unwillingness to charge a break even value for the insurance.
Which ticks me off because I end up paying the taxes for those foolish
folks who choose to live in the flood plains without paying their fair
share.
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