What other newspapers are saying: Taxpayers subsidize flood insurance
Hurricane Helene likely caused more than $30 billion worth of damage. Less than two weeks later, Hurricane Milton inflicted almost $50 billion more. With six weeks left in this hurricane season, the Small Business Administration’s disaster loan program is already out of money. And more tropical storms are swirling over the Atlantic. Who pays for all of this? Because private home insurers generally find this sector of the business unprofitable, the federal National Flood Insurance Program shoulders the burden of providing homeowners inundation coverage — and it has problems. The ...