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.

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