What is Federal Flood Insurance how can we use this as political leverage on Manchin and Sinema
The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). U.S. Congress has the twofold purposes of the NFIP to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development. The program enables property owners in participating communities to purchase insurance protection, administered by the government, against losses from flooding, and requires flood insurance for all loans or lines of credit that are secured by existing buildings, manufactured homes, or buildings under construction, that are located in the Special Flood Hazard Area in a community that participates in the NFIP. U.S. Congress limits the availability of National Flood Insurance to communities that adopt adequate land use and control measures with effective enforcement provisions to reduce flood damages by restricting development in areas exposed to flooding.
This NFIP is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.[1] As of August 2017, the program insured about 5 million homes (down from about 5.5 million homes in April 2010), the majority of which are in Texas and Florida.[2][3]The cost of the insurance program was fully covered by its premiums until the end of 2004, but has had to steadily borrow funds since (primarily due to Hurricane Katrina and Hurricane Sandy), accumulating $25 billion of debt by August 2017.[2][4] In October 2017, Congress cancelled $16 billion of NFIP debt, making it possible for the program to pay claims. The NFIP owes $20.525 billion to the U.S. as of December 2019.[5]. en.wikipedia.org/...
We now have leverage if Joe chooses to use it, lots of rich folk have ocean property, lots of insurance companies insure ocean property, lots of banks have mortgages on ocean front property.
If the Federal Flood Insurance program announces they won’t insure an area the latest Climate change data says will flood in the next 30 years, the life of an average mortgage then private insurance will find it hard to write flood insurance policies in those areas.
But wait you say the GOP will never allow it!
NFIP regulation "Requirement to submit new technical data" says "A community’s base flood elevations may increase or decrease resulting from physical changes affecting flooding conditions. As soon as practicable, but not later than six months after the date such information becomes available, a community shall notify the Administrator of the changes by submitting technical or scientific data in accordance with this part. en.wikipedia.org/...
The regulations are clear flood planning must be updated within 6 months of a change being made known to a floodplain. What is Congress going to do to stop us? defund the Federal Flood Insurance program? It is already in debt $20.525 billion!
Whine that this hurts the Common People? Like we can afford beachfront property! Heck the majority of people who benefit are from the States of Texas and Florida.
But, but, but we need to flip those states and some of those districts vote Democratic!
Look we just found maybe $5 billion short term maybe $20 Billion long term to fight climate change and create high paying US jobs. Manchin and Sinema wanted stuff paid for we found some money it is important the rich know just who is causing their trouble that is leverage.
The rest of the country should not have to pay for Trump to rebuild Mar a Lago after a hurricane… F^@%ing Again! Texas and Florida of course are both free to provide flood insurance for their states, like that will happen.
Why are the Feds insuring areas we know will be underwater in 30 years? Reagan’s Chicago Black Welfare Mom who drives Cadillac and eats steak never existed but her real life counterpart lives in Florida and Texas is White and votes GOP. Reagan was a master at Projection attributing negative things to other people that he and his In-Group are secretly doing, but we did not know about it then.
I suspect that due to political pressure and the GOP Deep State ( again Projection ) the latest Climate Change data regarding floods has been ignored as well as the time frame of climate change, flood patterns and Mortgages.
Joe will have given Insurance companies the right to raise Home and Building insurance charges in Federal flood prone areas to the sky! thus we Divide the Insurance Companies from the Banks and Rich.
After all if no insurance is available homeowners can’t sell their properties and many will walk away from their debts leaving banks with properties they can’t legally sell. We can use these properties to house the Homeless until it floods the Homeless might like a Trump Hotel after we get rid of the Bed Bugs of course.
We will not rebuild these properties after they flood we give the Homeless jobs tearing the property down and rebuilding further inland.
Unless of course Manchin and Sinema can be persuaded by their big corporate donors to vote for Joe’s plan and then some.
Because 3 years with no insurance is a long time.