The government has tried this a few times over the years, IIRC. It seems that the program loses money and has been heavily subsidized by federal funds, but with climate change models pointing to more flooding, not less, it seems like this effort has been revived.

I guess I’d just caution anyone buying a house in an area where flood insurance is required to consider that premiums may get more expensive in the next few years, and, if the increases are large it will eventually impact values negatively in those areas.

https://www.fema.gov/flood-insurance/work-with-nfip/risk-rating

https://www.npr.org/2021/02/22/966428165/a-looming-disaster-new-data-reveal-where-flood-damage-is-an-existential-threat

Interestingly, So Cal, which Arizonans have long predicted, or hoped, will eventually fall off into the sea, seems to be low-risk.

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