Regarding “Flood insurance costs may fall for many” (Page B1, Friday), there are many things wrong with this picture. First of all, it should not require privitization to use more sophisticated flooding models for determining rates. Secondly, I love the bit about “Conceivably, homes that would see rate offers jump from private insurers could remain on the federal program postreform”. So what this really appears to be is a giveaway for private insurers — allowing them to cream the low-risk properties and leave the government stuck with the high-risk properties, leading to the inevitable bankruptcy of the federal program. Whenever attempts have been made to reform the program so that the cost of insurance accurately reflects the risk, there has been so much pushback that it has yet again been turned into a subsidy for people living in flood-prone areas. This bill solves nothing, creates a giveaway to insurance companies, and will lead to either the collapse of the federal program or taxpayer subsidies.
Alan Jackson, Houston