If the tax payers had a voice I am sure most would abolish the present day NFIP program. MOST of the flood claims paid last year and the year before was to buildings that were flooded before, some flooded several times.  This is insane for the Fed's to insure buildings that flood over and over and over.

I think flood insurance on sea coast land should cost as much a yacht policy without long enough mooring lines. Something like 5% of the value per year. . Let the rich owners pay the premium not the poor working slobs, like us.

Have you heard the story about the "adjusters flood house".  The house was on the banks of Caney Creek in South Montgomery County, TX. yep just outside New Caney on the East side. All the old flood adjusters know this area.

He worked the first flood claim on the house when NFIP started writing flood insurance.  He drove by a year later and  the house all grown up with weeds and vacant.  He pulled his old file found the owner and purchased the house as is for $20,000. He spent about 2 week ends cutting out rot mold etc and about 5 large pails of latex. He would find a local tenant for $800. per month and collect about 10-15 thousand ever other year until 1994 when the creek water was over the ridge and he had to disclose the damage was over 50% of the value and no longer eligable for flood insurance. He collected a total loss of $60,000 and sold the lot for $7,000.

Now this is better than the school that cost $199.00 on how to make money on real estate. All you people who use this method please send me my $199.00

PS. Some problems arise on rebuilding  as the job built cabinets and hollow core doors will not be held togather by latex paint more than five times. And you have to start over again.

Scruggs Katrina group sued over attorney fees by a partner in the group(per article):

http://www.forbes.com/feeds/ap/2007/03/27/ap3556661.html