From the Insurance Business Magazine:

“If the private market can take care of it, that’s just more sustainable for taxpayers and for society in general,” R.J. Lehmann, a senior fellow at the R Street Institute, told the WSJ.

Currently, private flood insurance policies represent less than 5% of the residential market. Most private flood insurance is for commercial and more expensive residential properties that need coverage above the federal program’s $250,000 limit, according to the WSJ.