The letter “Encourage others to buy flood insurance” seems so simple when you apply pure economics to the principle of insurance. However, with the 2012 Biggert-Waters debacle that turned the flood insurance market upside-down with deals cut and political wrangling galore, it's no wonder the flood insurance program is still in shambles.
The few who are paying for the program sweat it out each year wondering if they will be able to afford the cost of flood insurance. Meanwhile, the freeloaders who depend on the government to bail them out while putting nothing into the system continue to hold their hands out and our wonderful government continues to pay ridiculous amounts in disaster assistance to them while receiving nothing in return except complaints.
The solution is simple. Take 65 percent of the disaster assistance budget (set aside for flood assistance) that provides free benefits to those who regretfully believe they are “entitled” but can easily afford the $300 premium to protect their property and put it into the flood insurance program. Do you want to make citizens think twice before depending on government programs? Help those citizens who struggle to pay the flood premiums to protect their assets and keep the 35 percent disaster assistance program for those who truly need help.