Increasing premiums isn’t the only action needed right now to fix the ailing National Flood Insurance Program. And for low-income Americans living in flood zones — who will be burdened with insurance bills they cannot afford to pay, and as climate change increases flood risks, it’s insurance they cannot afford to be without — it’s no fix at all.
A better way of addressing the program’s ballooning deficits would be to get homeowners to agree to long-term mitigation efforts. For example, guaranteed, market-rate buyouts of flood-damaged homes would change the wasteful practice of insuring structures rebuilt in the same vulnerable spot again an...
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