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Flood Program Building Huge Deficit, Says Study

WASHINGTON--Over time, the deficit in the National Flood Insurance Program can be expected to grow by $900 million annually because the program was designed to be subsidized, according to a new Congres

By Arthur D. Postal | Updated on June 26, 2007

WASHINGTON–Over time, the deficit in the National Flood Insurance Program can be expected to grow by $900 million annually because the program was designed to be subsidized, according to a new Congressional Budget Office study.

Moreover, coastal properties tend to be more valuable than other properties nationwide, many have high values, and a “significant fraction” (23 percent) are either second homes or rental properties.

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