Flood insurance rebuilds homes with public money repeatedly
WASHINGTON, N.C. (AP) — After Hurricanes Florence and Michael, the nation’s financially troubled, taxpayer-backed flood insurance program is likely to restore homes and businesses that have already been rebuilt repeatedly, sometimes at costs totaling more than the building is worth.
Nearly 37,000 properties from the Carolinas to California have repeatedly flooded and been rebuilt — some dozens of times — through the National Flood Insurance Program. The program is $20 billion in debt and must be reauthorized by Congress this month.
The Federal Emergency Management Agency runs the flood insurance program. Its records show Louisiana has had the most repeatedly flooded properties, with 23 percent of the total. The 10 states with the most repeatedly flooded insured properties are mostly along the Gulf and East Coasts, but also include Missouri along the Mississippi River.