Elizabeth Kolbert writes: The aim of the National Flood Insurance Program, which was created by Congress, in 1968, in the aftermath of Hurricane Betsy, is to provide “affordable insurance to property owners.” The program offers what amounts to subsidized coverage, and according to its critics, and also to some of its supporters, the N.F.I.P. has had the perverse effect of encouraging rebuilding in areas where homes and businesses probably shouldn’t have been built in the first place.
Many homes enrolled in the program have been flooded and repaired more than once. These are known as “repetitive-loss properties.” Then there are homes that have been flooded and repaired at least four times. These are known as “severe repetitive-loss properties.” Into this latter category falls a Mississippi house valued at sixty-nine thousand dollars. The house has flooded thirty-four times, resulting in a total of six hundred and sixty-three thousand dollars in claims.