Mar-a-lago has flood insurance thru controversial Fed program [View all]

[Tanuki]

http://m.huffpost.com/us/entry/us_59b3cd79e4b0dfaafcf82e52/amp
...."The property has a flood insurance policy through the National Flood Insurance Program, a Federal Emergency Management Agency spokesperson told HuffPost. The program provides affordable insurance in flood-prone zones where private insurers have traditionally refused to insure properties because they’re so vulnerable.
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The insurance program’s authorization was set to expire at the end of this month, but Trump signed legislation on Friday that temporarily extends it.

NFIP as a whole has been criticized for not charging enough to cover the expected costs of liabilities. It also consistently does not bring in enough money to pay out the properties it insures, and owes around $25 billion to the U.S. Treasury. Based on policies that went into effect on Aug. 31, 2016, the program is projected to have a one-year shortfall of $1.4 billion, according to a Congressional Budget Office report published this month.

Some critics say the program benefits affluent people who live on beachfront property, essentially allowing them to live in places that are at a high risk of being damaged.

“If [NFIP] was a regular insurance company, they would have been in receivership,” Burl Daniel, an insurance expert witness from Texas, told HuffPost. “But it’s a political football because of the people who live on the coast.” .....