Abstract
The National Flood Insurance Program was created as a means to provide low-cost flood insurance and encourage responsible floodplain management while avoiding the costs associated with traditional disaster relief. However, outdated policies and poor management led to massive debt and programmatic shortcomings, and without major structural reform the program would fail, leaving millions underinsured. After years of delay and associated economic turmoil, Congress recently implemented a massive reform of the program and its policies in an attempt to ensure its near-term viability. These amendments address the majority of the issues raised by the public and the insurance industry, and constitute a significant and successful overhaul of an ailing program.
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