The National Flood Insurance Program (NFIP) went through an audit by the GAO in October 2008. The GAO found many interesting things:
First, the flood maps used by FEMA were dated and underpresented the risk of flood;
Second, FEMA rates were designed to just cover annual claims - there was no expectation of creating the type of ndowment style funding insurance companies use to create reserves for excessive claims;
Three, FEMA was experiencing increasing claim frequency and claims but had not adjusted their model.
This is all what someone might expect from climate change, but the thing that causes the blood to boil is the chart blow the squiggly thing