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Beat the System: The crazy math of government flood insurance

The terrible unfolding disaster in Houston in the wake of Hurricane Harvey is turning the spotlight on our national system of flood insurance.

And what a mess it is.

You’d think that with so many people living in so many coastal areas, we’d have this one covered. And you’d think the Federal Emergency Management Agency’s National Flood Insurance Program would be state of the art.

Think again.

Here’s what politicians don’t want to tell you.

1. Government flood insurance is massively subsidized. So much remains unclear about the situation in Houston, but one thing is already certain: The rest of us are going to be cutting yet another giant check to cover the damage.

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