I’ve been thinking about flood insurance since the hurricanes this year. Leave it to John Oliver to steal my thunder and beat me to the punch! Sunday night he summed up the problems with the federal flood insurance program, which I’ve linked to through the sidebar to the right.
Rather than recount what Oliver so brilliantly expounds in his 20-minute rant, I want to talk about a couple of problems I see in a little more depth:
- We seem to have (intentionally?) forgotten what insurance actually is.
- With regard to flood insurance in particular, I fear our current system is, like many good ideas, on Locomotive Breath’s train to unsustainability.