The National Flood Insurance Program (NFIP) paid out $913 million to U.S. homeowners last year, and $629 million of that went to residents in Florida. Major flooding from hurricanes and storm surges caused most of the payouts.
The Federal Emergency Management Agency (FEMA) oversees the NFIP, which is primarily funded through premiums and U.S. Treasury loans. The program was more than $20 billion in debt to the federal government as of 2022.
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