Flood Insurance

Paper Summary:

This paper focuses on the 1993 flooding of the Mississippi basin, one of the costliest disasters in U.S. history which resulted in catastrophic insurance property claims. This paper explores the various homeowners insurance policies that did not provide coverage as well as the National Flood Insurance Program which underwrites all flood insurance in the U.S. This paper also discusses the role of the Federal Emergency Management Agency in aiding residents after a natural disaster.

From the Paper:

"In 1927 an earlier flood occurred in the lower Mississippi Valley, covering twenty-six thousand square miles of land in as much as fifty-seven feet of water. In response to this natural disaster, the federal government, through the Army Corps of Engineers, dredged the channel, changed the course of the river in places, and built nearly seven thousand miles of levees in an effort to prevent future disasters. But the government's steps to flood prevention sixty-five years earlier were no match for the Mighty Mississippi and the sustained rains the summer of 1993 brought with it."

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