Federal Flood Insurance Exists Because Private Insurers Wanted Out

The video discusses the impact of Hurricane Betsy on New Orleans, marking the first billion-dollar natural disaster in U.S. history. It led to significant losses for private insurers, prompting the creation of a federally funded insurance program. The program faced challenges, including land speculation and misconceptions about flood risks, such as the 100-year flood term. By 2010, the National Flood Insurance Program was heavily in debt, highlighting the need for reform.

What was significant about Hurricane Betsy in American history?

How did the federal government respond to the losses incurred by private insurers after Hurricane Betsy?

What issues arose from the federal government's involvement in flood control and land speculation?

Explain the concept of the '100 year Flood' and its implications.

What financial challenges did the National Flood Insurance Program face by 2010?