who should pay for the risks they take

Duh! By simple common sense we would likely all agree that who ever is taking a risk, should be responsible for the consequences of their risk taking. However, that is not how the National Flood Insurance Program (NFIP) currently works. People take a risk by building or buying property in a flood zone and then expect that the cost of the premium for that insurance to be “reduced” by being subsidized by other taxpayers.

This editorial from the Washington Post lays out some of the history and machinations that the NFIP has been through over the years, As hurricane seasons worsen, taxpayers subsidize people to live in risky areas

Especially galling for me is that many of the properties being covered by the NFIP are second homes, and also homes that have suffered repetitive losses/claims.

I remember the last big brouhaha that happened when Congress passed a law to gradually increase the NFIP insurance rates to achieve parity with the risks being taken. There was such a blow-back by the property owners who were “incensed” that their rates would be raised that Congress reversed course almost immediately.

What an exceptional country we live in!