Bloomberg: Taxpayers need break from underwater flood insurance

Flooded homes in Tuckerton, N.J., after Hurricane Sandy made landfall on the southern New Jersey coastline. (Source: US Coast Guard)

According to Bloomberg View, it’s no surprise that Florida, with its vast coastline, is where more than a third of the 5.6 million flood policies have been sold. Hurricane Sandy is forcing a re-evaluation of climate change, seawalls and the nation’s power grid. It should also prompt a re-examination of federal flood insurance.

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