NFIP Reforms Have Support from Both Sides of Aisle
A recent survey shows that proposed reforms of the National Flood Insurance Program (NFIP) has bipartisan support.
According to Business Insurance, the survey, conducted by Public Opinion Strategies and the Pew Charitable Trusts, consisted of 1,000 respondents, and revealed that 74 percent supported three or more proposed reforms to the program. However, 82 percent could not say whether NFIP was in a deficit or surplus, even though the program has a debt of $24.6 billion.
The proposed reforms include the following:
- A plan that would require infrastructure in flood-prone areas to better withstand the impact of flooding
- Conservation buyouts, which means that homeowners could be compensated at pre-flood rates for their property so they can move to a safer location, if they so choose
- Requiring communities that have more than 50 homes that have been classified as having repeatedly flooded to invest in the future risk of flood
The survey proves that support and agreement over an NFIP overhaul exists regardless of region. Results were positive across the country, with a majority of respondents in favor of reform and proposed improvements to prevent future damage.