Federal Flooding Insurance Program Going Broke - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Federal Flooding Insurance Program Going Broke

The National Flood Insurance program is going broke.

The government program subsidizes the premiums of the pricey policies, allowing those in the flood zones to more easily afford it.

According to a new analysis of FEMA data by USA TODAY, thousands of properties across the United States are "repetitive-loss properties", meaning that claims of at least $1000 have been paid for them more than once in ten years.

On a map that tabulates the national data, Wichita County sticks out. According to the graph, there have been between 500-1000 repetitive-loss properties in the county.

Wichita County Judge Woody Gossom says the problem is due to the unpredictability of Texoma weather. "Sometimes we get the weather that is predicted, sometimes we don't." Said Gossom.

The worry is that the Program will run out of money. Gossom is worried too. His concern is that Taxpayer monies will have to be used to bail-out the program. According to a report from the Congressional Budget Office, the Program had to do just that in 2005 to cover losses from Hurricane Katrina. The sum borrowed from the Treasury was $17B dollars.

The report goes on to note that if the program continues unchecked, it will add $900M a year to the National Debt.

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