In the News
North Carolina Flooding Soaks Federal Taxpayers All Over Again
Severe repetitive loss properties account for just two percent of all flood insurance policies, but as much as one-third of all claims, according to R.J. Lehmann, director of insurance policy for the R Street Institute, a Washington think tank.
By subsidizing flood insurance by allowing an unlimited number of claims, the insurance program serves to increase other types of federal disaster costs, Lehmann said. “If people weren’t living there, then there would be less disaster assistance necessary,” he said.