The National Flood Insurance Program (NFIP) charges premiums far below the actuarial risk of a flood, and the difference is paid for by taxpayers. The NFIP insures wealthy beachfront property owners who can afford higher premiums. The NFIP also encourages coastal development by eliminating risks, which then destroys precious marine habitat and increases flooding probability when marshland is lost. In these austere times, when cuts are being imposed throughout the federal budget, it is obvious that welfare for the wealthy must end! Make the NFIP pay its own way and end the subsidy!
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