End it.
Let companies offer flood insurance on their own. It will be expensive. It will no longer be cost-effective to build so much so close to the shore. There will be more sanity and less cost because people will understand and manage the risk better.
"Help" from Congress just muddies the water.
End the government program of flood insurance. HOWEVER, the government should require that all property be eligible for flood insurance, even the parts that are almost guaranteed to flood again. Let the free market set the rates for those properties, with NO subsidy from the federal government. (after all, this is like pre-existing conditions for health insurance. Let everybody enter into the next transaction with a clear idea of real costs.)
If any government agency is required to subsidize the cost of rebuilding flooded areas, it should be the parent agency that allows the zoning in the first place. (Like a city has a zoning board; it's time for local governments to take responsibility for their bad decisions and not expect the national debt to fund those bad decisions.)
For the taxpayers, it is better to buy people out and return more of the land to the flood plain.
If it’s totally private insurance and you can afford it without a taxpayers backstop, fine. But don’t complain after the umpteenth flood and they won’t insure you anymore.
You could have just not moved to a location that your lender required flood insurance for to begin with.
Flood insurance is already very expensive. I lived next to a river and had a $40,000 mortgage. 2 years ago my flood insurance premiums were $200 a month. That’s ridiculous. I lived in a 100 year flood plain. Sold the place because of it.
Every time there’s an event like Katrina or Irma, premiums are adjusted for all policies nation wide.
The cost of insurance will eventually drive everyone out of flood plains IMHO?