We need to eliminate the "National Flood Insurance" program and in its place

[SoCalDem]

start up a National Emergency/Disaster Insurance program..

Not just floods

tornadoes
hurricanes
earthquakes
blizzards
etc.

EVERY homeowner/property owner (of rentals) would be required to pay in...EVEN IN RED STATES..

The money would be UNTOUCHABLE except for actual emergencies, and would of course be augmented by FEMA, and individual homeowners policies.

The old flood plain tables are no longer accurate, and with NFI being voluntary, there are always people who are not paying in, and who are devastated when the flood comes.

By having everyone IN, the cost per person would be significantly less for all, and everyone would be covered.

Almost every state (locality) has the potential for a disaster, and they should not have to wait, hat-in-hand for aid.

[riverbendviewgal]

1. makes sense

K & R

[RegieRocker]

2. We should be insuring ourselves

for every type of insurance.

[SoCalDem]

3. Our homeowners policy won't cover rebuilding roads & bridges & piers & reinstating electricity

[RegieRocker]

4. I know now

that you don't realize insurances are in it to make money and they do just that. However the federal government does not make a profit. It's called debt. So either we insure ourselves and not make a profit or stay with private insurance companies. Oh one more thing. Flood insurance is purchased from a private insurance company just backed by the fed.

[Yo_Mama]

5. If there's a loan on the property it is not voluntary, and you have a bad idea

If you let people build insured housing in very dangerous areas for very cheap premiums, what you will get is a lot more housing in very dangerous areas. Land there is cheaper, you know.

One of the criticisms of the flood insurance programs is that some houses are being destroyed, rebuilt, and destroyed again in flood plains. The availability of national (government-backed) flood insurance has produced a lot more construction in flood areas, and the program runs a significant deficit, which is indeed paid by us all.
http://en.wikipedia.org/wiki/National_Flood_Insurance_Program

The flood insurance program is flawed, but it makes a lot more sense than your idea. Flood maps are constantly revised, but the grandfathered housing is a big problem and there has been a significant economic incentive for local communities to be less than careful when zoning for flood risks.

One of the suggestions to "fix" the flood insurance program has been to debar repetitive loss properties from inclusion - so the next time they get wiped, the owner gets the payment if the property is insured, but no more insurance if the owner chooses to rebuild. It is ridiculous for the community to be paying for the rebuilding of houses three times in 70 years.

[SoCalDem]

8. I do not support rebuilding on coasts..at all

The "insurance" money would go a long ways toward rebuilding in a safer area though..

[RB TexLa]

6. Flood tables were never accurate because we don't actually know what a 500 or 100 year flood

actually is. And never have.

[Egalitarian Thug]

7. If we were to rid ourselves of the entire insurance industry and simply take on the job

of spreading risk throughout our national community, we would all be far better off, and be able to keep a lot more of our own money.

[customerserviceguy]

9. Why should we spend money

rebuilding in places that are just going to have another climate change caused disaster, anyway? Maybe it's time to give up on the idea of the beachfront home.

[Lightbulb_on]

10. So if I'm smart enough to build somewhere stable...

... I should help pay for someone on their 3rd rebuild after a hurricane?

Call me "selfish" but no thanks...

[FarCenter]

11. You want everyone in the country to pay for California earthquake insurance?

No thanks.

Eventually the San Andreas will give way and cause $100s of billions in damages. Far more than any other disaster.

FEMA is updating the flood plain maps using LIDAR elevation data and better models of tide and wind driven surges. This is going to sweep a lot more homeowners into the National Flood Insurance program. The rates are going up as well. New construction and construction of major repair will have to meet new structural standards and the first floor will have to meet new elevation specs. Communities that suffered damage in Sandy are already modifying their building codes.

The result will be that some property will be left unbuilt and other property will be built back with much more expensive but beter designed buildings.