N.J. Gov. Christie: Fed Flood Insurance Program 'Awful'
...and now Mr. President, why should we believe that you will do a better job protecting our family's health when you have not been able to protect our family's homes? Some facts to consider in the aftermath of Superstorm Sandy - This from:
CRS Report for Congress Prepared for Members and Committees of Congress The National Flood Insurance Program: Status and Remaining Issues for Congress
Rawle O. King, Specialist in Financial Economics and Risk Assessment
February 6, 2013
- "Estimates are that only 15% to 25% of at-risk properties in Special Flood Hazard Areas (SFHA) in the Northeast were insured for flood losses."
- "Only 38,785 residential and business policies were in force in New York City, out of an estimated 7.2 million households (2010 census), as of August 31, 2012; and only 8,129 households (out of about 39,000 households) and businesses in Atlantic
City, NJ, had federal flood insurance coverage"
last checked, Manhattan is an island...AC a barrier one - PH
-"Given the geographic scope of heavily flooded areas and residential take-up rates (number of flood policies divided by an estimate of total households) in affected coastal communities that participate in the NFIP, government payouts under the NFIP are estimated to be from $12 billion to $15 billion in flood claims. At that time, the projected amount exceeded the $4 billion in cash and remaining borrowing authority from the Treasury Department for the program. By January 2013, the NFIP had processed more than 140,000 flood claims totaling about $1.7 billion."
What private insurer or bank is allowed to have this type of leverage and borrowing ability from its investors - us, the taxpayers... PH
Some facts to consider when the feds now will control the inner-workings of health care. It should be noted that the flood program has been around since 1968 and has undergone many reforms. It is another government subsidy that is well off the mark of what allows our free market system to be the best in the world -
Go get him Governor!
Scary stuff ---
N.J. Gov. Christie: Fed Flood Insurance Program ‘Awful’
March 1, 2013 New Jersey Gov. Chris Christie says federal flood insurance claims from Superstorm Sandy are being paid too slowly. Christie stepped up criticism of the federal program on Townsquare Media’s “Ask the Governor” program Wednesday. The Republican governor says he complained to President Barack Obama over the weekend that “the performance of the national flood insurance program is unacceptable, that it’s awful.” Christie says private insurers have been more responsive, settling more than 90 percent of claims. He also reports most of the debris left on land at the Jersey Shore after the October storm is gone. Christie has been criticized for hiring a Florida debris removal firm without putting the $100 million contract to bid. Obama last month signed a $9.7 billion bill to replenish the National Flood Insurance Program, which has received more than 100,000 Sandy claims.
Read More: N.J. Gov. Christie: Fed Flood Insurance Program 'Awful'.
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