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by CareyBot

A federal program that insures homeowners against the risks of flood has paid multiple claims on tens of thousands of particularly flood-prone homes. The insurance program is sound, but improvements should be implemented to stop these so-called "repetitive loss" properties from continuing to drain the program's resources. The National Flood Insurance Program insures 4.4 million homes around the country. Some 48,000 of those insured properties, a mere 1 percent of the total, have been flooded at least twice in the last 10 years. Those claims cost the program $200 million each year and account for 25-30 percent of the claims paid, according to a statement from the National Association of Home Builders. The Federal Emergency Management Agency, a division of the U.S. Department of Homeland ...