Federal insurance

[chanel]

The Federal Emergency Management Administration is an almost exclusive provider of flood insurance, which gets channeled to other insurers who act as agents.

However, the government loses money on the policies, creating a burden on all taxpayers. New Jersey has nearly 235,000 FEMA flood policies offering $54 billion in coverage.

One of the biggest problems with government-issued flood insurance is its costs to U.S. taxpayers.

Congress and FEMA had intended flood insurance to be self-sufficient, funded with premiums of policyholders.

However, the National Flood Insurance Program is subsidized and cannot manage risks like private insurers, according to the Government Accountability Office, or GAO, the investigative arm of Congress.

Premium rates do not reflect flood risks, grandfathered-in properties allow property owners to pay much less than they otherwise should, and the government cannot reject high-risk applicants.

A GAO report said repetitive losses represent 1 percent of policies but account for nearly a quarter of all claims.

Federal flood insurance will lapse without Senate action today; could hurt shore housing market - pressofAtlanticCity.com: Atlantic County News

Disclaimer: We have flood insurance as required by law.

But can't we look at this and guestimate how cost efficient government health insurance will be? Pretty good historical example if you ask me.

Comments?

 

[Ravi]

Comments? Sure.

Regular homeowners insurance doesn't cover flooding, so if you don't have national flood insurance and are flooded you are shit out of luck.

Three red states, Floriduh, Texas, and Louisiana, account for the vast majority of claims.

Flood insurance is only REQUIRED if you have a loan on your property.

IMO, it should be disaster insurance, not flood insurance, and required for all that have a mortgage and made available to those that don't but want the insurance.

 

[starcraftzzz]

The Federal Emergency Management Administration is an almost exclusive provider of flood insurance, which gets channeled to other insurers who act as agents.

However, the government loses money on the policies, creating a burden on all taxpayers. New Jersey has nearly 235,000 FEMA flood policies offering $54 billion in coverage.

One of the biggest problems with government-issued flood insurance is its costs to U.S. taxpayers.

Congress and FEMA had intended flood insurance to be self-sufficient, funded with premiums of policyholders.

However, the National Flood Insurance Program is subsidized and cannot manage risks like private insurers, according to the Government Accountability Office, or GAO, the investigative arm of Congress.

Premium rates do not reflect flood risks, grandfathered-in properties allow property owners to pay much less than they otherwise should, and the government cannot reject high-risk applicants.

A GAO report said repetitive losses represent 1 percent of policies but account for nearly a quarter of all claims.

Federal flood insurance will lapse without Senate action today; could hurt shore housing market - pressofAtlanticCity.com: Atlantic County News

Disclaimer: We have flood insurance as required by law.

But can't we look at this and guestimate how cost efficient government health insurance will be? Pretty good historical example if you ask me.

Comments?

http://www.coffi.org/pubs/Summaries/NFIP Summary revised Sept 26 2005-1.pdf
^The federal flood insurance (home insurance) program runs administrative costs at around
7%.

That compares to around a 40% rate for private insurance
http://insurance.mo.gov/reports/lossratio/index.htm

So the goverments flood insurance is 30% more effcent then thepivat mrket

 

[American Horse]

As you suggest; likewise not only government insured college loans, but now the govt has taken all college loans to the exlusion of private banks. The result? O

ut of control tuition costs to students, universities and colleges ever expanding out of control building programs, professors which almost never teach.

Then there's potential risk to taxpayers for default (or forgiveness) on college loans is approaching that of the recent financial crisis caused by sub-prime mortgages, or the PBGC (pension benefit guarantee corporaton) guarantees for (guess what) underfunded pension benefits programs.

What do all these have in common? They are too big to fail.

 

[Ravi]

The Federal Emergency Management Administration is an almost exclusive provider of flood insurance, which gets channeled to other insurers who act as agents.

However, the government loses money on the policies, creating a burden on all taxpayers. New Jersey has nearly 235,000 FEMA flood policies offering $54 billion in coverage.

One of the biggest problems with government-issued flood insurance is its costs to U.S. taxpayers.

Congress and FEMA had intended flood insurance to be self-sufficient, funded with premiums of policyholders.

However, the National Flood Insurance Program is subsidized and cannot manage risks like private insurers, according to the Government Accountability Office, or GAO, the investigative arm of Congress.

Premium rates do not reflect flood risks, grandfathered-in properties allow property owners to pay much less than they otherwise should, and the government cannot reject high-risk applicants.

A GAO report said repetitive losses represent 1 percent of policies but account for nearly a quarter of all claims.

Federal flood insurance will lapse without Senate action today; could hurt shore housing market - pressofAtlanticCity.com: Atlantic County News

Disclaimer: We have flood insurance as required by law.

But can't we look at this and guestimate how cost efficient government health insurance will be? Pretty good historical example if you ask me.

Comments?

http://www.coffi.org/pubs/Summaries/NFIP Summary revised Sept 26 2005-1.pdf
^The federal flood insurance (home insurance) program runs administrative costs at around
7%.

That compares to around a 40% rate for private insurance
http://insurance.mo.gov/reports/lossratio/index.htm

So the goverments flood insurance is 30% more effcent then thepivat mrket

Well, fuck you, libturd!