Cutting NFIP Subsidy Could Expose More Homeowners to Flood Risk
Reducing or eliminating federal subsidies to the National Flood Insurance Program would leave policyholders more exposed to future flood risks, particularly those whose mortgages require mandatory flood coverage, warned the Congressional Budget Office. Testifying during last week’s hearing on flood insurance reform before the Senate Committee on Banking, Housing and Urban Development, CBO Acting Director Donald Marron said that a drastic subsidy change could likely place more homeowners at risk. …