Bill Overview
Title: Protecting Families and the Solvency of the National Flood Insurance Program Act of 2022
Description: This bill revises the National Flood Insurance Program and expands assistance for properties that have experienced repetitive flood-related losses. For example, the bill expedites the voluntary buyouts of such property. Additionally, the bill requires community plans for addressing repetitive loss properties and expands mitigation assistance for repairs to structures facing repetitive losses. The bill also addresses the equity of NFIP mitigation assistance by requiring equity considerations in eligibility determinations, waiving the matching requirement for underserved communities, and expanding predisaster hazard mitigation assistance to high-risk communities.
Sponsors: Rep. Casten, Sean [D-IL-6]
Target Audience
Population: People living in flood-prone areas worldwide
Estimated Size: 15000000
- The bill is focused on areas and properties that are prone to flooding.
- Properties that experience repetitive flood-related losses are specifically mentioned, implying that individuals owning such properties will be directly impacted.
- The National Flood Insurance Program (NFIP) is a federal program, therefore changes to it could potentially affect a large number of people, especially those living in flood-prone areas across the United States.
- The bill provides for voluntary buyouts, community planning, and expanded assistance which would primarily impact those living in areas prone to flooding.
- There is a focus on equity and underserved communities, suggesting a significant number of lower-income or historically disadvantaged individuals might be impacted.
- Considering global weather patterns, areas outside the US that have similar flooding issues might not be directly impacted by this bill but could draw from its provisions as a model.
Reasoning
- The policy will directly impact individuals in flood-prone areas who are dealing with repetitive losses, as it aims to provide them with more resources and pathways for mitigation and adaptation, which can increase their Cantril wellbeing scores over time.
- The introduction of equity considerations and elimination of matching requirements for underserved communities suggest a targeted approach to help those who may lack resources to address flood-related issues, improving their long-term resilience and wellbeing.
- Voluntary buyouts and assistance in repairs can significantly alter an individual's living situation or financial burden, which in turn affects their subjective wellbeing.
- The program's budget dictates the scale of impact; individuals in high-priority areas are more likely to benefit first, leading to varying degrees of policy impact among different communities.
- Given the focus on flood-prone areas, the interviews simulate perspectives from individuals in different geographical and socio-economic settings to capture a diverse range of responses.
Simulated Interviews
Nurse (New Orleans, LA)
Age: 45 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- I'm relieved to see that the NFIP is being revamped to address repetitive flooding losses. I just hope the voluntary buyouts are a real option in my area.
- Equity considerations are crucial. Without them, we are potentially overlooked because of income disparities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 7 | 3 |
| Year 20 | 7 | 3 |
Software Developer (Miami, FL)
Age: 32 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 15/20
Statement of Opinion:
- It's good to know there are better plans in place for those hit hardest by floods. My risk isn't high, but it's rising with climate change.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Retired School Teacher (Houston, TX)
Age: 68 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 8/20
Statement of Opinion:
- The policy sounds promising. The buyouts and community plans could really help us feel more secure.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 8 | 3 |
Startup Founder (San Jose, CA)
Age: 27 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 3/20
Statement of Opinion:
- It seems like a necessary measure for those who need it. Personally, I don't think I'll notice any changes, but it's good for the community.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Lobster Fisherman (Bangor, ME)
Age: 54 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- I'm hopeful. Anything that helps protect or gives us options when it comes to our homes is vital.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 7 | 3 |
| Year 20 | 6 | 3 |
High School Teacher (St. Louis, MO)
Age: 38 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- Community plans are great; they often get us more involved and prepared. We need all the help we can get.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 4 |
| Year 10 | 8 | 3 |
| Year 20 | 7 | 3 |
Financial Analyst (New York, NY)
Age: 29 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- This sounds like more of a homeowner's help, but renters like me also need consideration if our neighborhoods are badly affected.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 5 |
| Year 10 | 5 | 4 |
| Year 20 | 4 | 3 |
Small Business Owner (Little Rock, AR)
Age: 61 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 15.0 years
Commonness: 7/20
Statement of Opinion:
- I've been hoping for better assistance programs. If the policy can protect my livelihood, that would greatly improve my outlook.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 3 |
| Year 10 | 7 | 3 |
| Year 20 | 6 | 2 |
Hotel Manager (Biloxi, MS)
Age: 50 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 9/20
Statement of Opinion:
- Our whole area's economy hinges on disaster resilience; this policy should strengthen us collectively.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 4 |
| Year 10 | 8 | 3 |
| Year 20 | 7 | 3 |
College Student (Charleston, SC)
Age: 19 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 20.0 years
Commonness: 11/20
Statement of Opinion:
- I hope these changes can protect my family’s home. There’s peace of mind knowing there are buyout options.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 8 | 4 |
| Year 20 | 8 | 3 |
Cost Estimates
Year 1: $1500000000 (Low: $1000000000, High: $2000000000)
Year 2: $1550000000 (Low: $1050000000, High: $2050000000)
Year 3: $1600000000 (Low: $1100000000, High: $2100000000)
Year 5: $1700000000 (Low: $1200000000, High: $2200000000)
Year 10: $2000000000 (Low: $1500000000, High: $2500000000)
Year 100: $3000000000 (Low: $2000000000, High: $4000000000)
Key Considerations
- The balance between immediate costs and long-term savings is crucial for evaluating the program's financial impact.
- Ensuring equity and reaching underserved communities involve higher upfront costs but can lead to substantial benefits.
- Focus on voluntary buyouts and community plans could alter the landscape of insurance liability and beneficiary demographics.
- Mitigation and resiliency investments could prove beneficial if flood events increase in frequency and severity due to climate change.