Flood insurance was created to protect the banks loans, in a line of business that has adverse selection and no spread of risk. The only way to create spread of risk is to require it covered under homeowners and all policies contribute. This will never happen, so it going to be the taxpayers that fund the program because the banks say so.
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Another prime example of passing a bill to find out what’s in it. Hey Maxine Waters, the bill has your name all over it. Can you even read?
Flood insurance was created to protect the banks loans, in a line of business that has adverse selection and no spread of risk. The only way to create spread of risk is to require it covered under homeowners and all policies contribute. This will never happen, so it going to be the taxpayers that fund the program because the banks say so.