Though lost lives can never be recovered, the US has long had a program designed to help surviving homeowners financially devastated by floods. But at a moment when so many are trying to return home and the costs of flood recovery are rising, the National Flood Insurance Program is sinking deeper into the red.
Earlier this year, the program borrowed $2 billion from the US Treasury to help cover claims from major storms in 2024 like Hurricane Helene and Hurricane Milton. Even though the program previously had $16 billion in debt forgiven in 2017 -- the year Hurricanes Harvey, Maria, and Irma struck -- NFIP's total debt is now more than $22.5 billion, and is likely to rise further as claims from floods this year complete processing. And an overwhelmed flood insurance system could be devastating for the homeowners who depend on it -- whether they want to or not.