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The Need for a Stable Flood Insurance Program

Yes, there is a lot wrong with the NFIP system. But I know that no insurance company can or will ever consider writing such adverse risk business without a subsidy.

By Diana B. Reitz, CPCU | Updated on March 21, 2011

Having lived for many years in the “flood-free” city of Johnstown, Penn., I understand the importance of having a sound flood insurance program. In 1977, massive rainfall fell in the Johnstown area (nearly 12 inches in 10 hours), resulting in 85 flood-related deaths and untold property damage. This occurred after the government installed a flood control system following the St. Patrick’s Day flood of 1936 that was supposed to protect the city from future floods.

As insurance and governmental officials debate the future of the National Flood Insurance Program, anyone who has seen the destruction that floods can bring have to believe in the need for and value of a sound flood insurance program. And this year will be no different. Flood insurance will enable many policyholders to rebuild their properties and get on with their lives.

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