Blog: A new reality for federal flood insurance
The National Flood Insurance Program provides coverage to more than 5 million households and small businesses across the United States, including more than 229,000 in California. The program has been hard hit by payouts from major flood disasters in recent years and is heavily in debt. The Federal Emergency Management Agency (FEMA), which houses the program, has recently announced significant changes. We talked to Carolyn Kousky, a flood insurance expert at the Wharton Risk Center at the University of Pennsylvania … about the program.