The biggest problems are ?flood? areas that ?flood? multiple times. maybe the area is a historic geologic water area that has now been built into, I guess hoping history will not repeat. Think of the insanity of building a vacation home town on the Outer Banks of North Carolina, and wondering why every other year, their one road ?town? is wiped out in a hurricane and rebuilt with flood insurance money. Think of how many times the lower area of Vassar has ?flooded?. After that many times, it is normal.
There is also another problem, in that the maps are being redone and the translation of the maps put new areas in flood plains that never were before, with no new studies, just mistranslations of the old maps into GIS format. Mortgage companies then hire consultants to ?read? the new maps and demand flood insurance where, for the last 20 years, there was no requirement for flood insurance. the mortgage company consultants bob and weave and fake you out, that they will look at your appeal, while another arm of the mortgage company demands the insurance by a certain date or they will buy it for you, as a huge profit center for the mortgage company. But the advocates of veiled ?the private sector can do it better?, guarantees even worse outcomes for the consumer. Kindoff like, we will give you private sector vouchers for health insurance, like a 68 year old with diabetes, heart problems, and shingles, is a great profit prospect for health insurance companies.
Letter: Sen. Green is right: Flood insurance reform is needed
Source: http://www.insurance4noobs.com/letter-sen-green-is-right-flood-insurance-reform-is-needed/