Why the government's flood insurance program is underwater

单集文稿 ...

• 00:12

  This is the indicator from Planet Money.

• 00:14

  I'm Paddy Hirsch.

• 00:15

  And I'm Waylon Wong.

• 00:16

  We've been hearing a lot about flooding in the news lately.

• 00:20

  Catastrophic floods in Spain and closer to home this week, tropical storms and heavy rains are soaking Louisiana, Southeast Texas, Missouri, and Oklahoma.

• 00:29

  Insurance isn't the first thing that comes to mind when you're anticipating a flood.

• 00:33

  But American homeowners who do check their home insurance policies will almost certainly find that they are not covered.

• 00:40

  That's because most insurers in the US do not cover flood.

• 00:44

  In fact, pretty much the only place you can get flood coverage is from the government through the nfip, the National Flood Insurance Program.

• 00:51

  Because it's basically the only game in town, you would think the NFIP would be going gangbusters, but the program is not doing well.

• 00:59

  The NFIP frequently runs out of money and has to ask Congress for a loan.

• 01:04

  The result is that the American taxpayer is increasingly on the hook for payments to flooded homeowners.

• 01:10

  On today's show, we'll find out why that is and learn why the National Flood Insurance Program is struggling.

• 01:18

  This message comes from Apple Card.

• 01:20

  Apple Card is the perfect card for your holiday shopping.

• 01:23

  When you use Apple Card on your iPhone, you'll earn up to 3% daily cash back on every purchase, including products at Apple like a new iPhone 16 or Apple Watch Ultra.

• 01:33

  Apply now in the Wallet app on your iPhone, subject to credit approval.

• 01:37

  Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch terms and more@applecard.com this message comes from NPR sponsor Merrill.

• 01:47

  Whatever your financial goals are, you want a straightforward path there.

• 01:50

  But the real world doesn't usually work that way.

• 全部文稿