From The Daily Comet:

More than 400,000 homeowners in the Carolinas, Georgia and Virginia have flood insurance, with $106 billion in combined coverage. R.J Lehmann, a flood insurance specialist with the R Street Institute, a Washington-based think tank, told the McClatchy news agency that if 10 percent of those suffer flood damage, the program could face at least $10 billion in claims.

“This program since 2004 has borrowed $40 billion from taxpayers and has only paid back less than $3 billion of that money,” Lehmann said in the story. “That is a direct subsidy from people who are not at risk to people who are at risk.”

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