There’s no telling where the federal foolishness over flood insurance will end up–I predict, not with actuarial premiums; especially not for NFIP policies and especially not anytime soon.
Precipitous NFIP rate increases are courtesy of ill-advised votes by almost every member of congress, especially Democrats, none of whom voted against the rate increases. This inexplicably includes Bill Nelson, a congressional veteran from America’s premier flood state–a lawyer and former insurance commissioner to boot, he should have known better. (See CFO Jeff Atwater’s letter to Bill Nelson). Also, (See NOTE #1 below). [Read more…]