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Mar-A-Lago Has A Flood Insurance Policy Through The Federal Government

Dana Liebelson
2 days ago

WASHINGTON ? Federally insured property in Florida is in the crosshairs of potentially catastrophic Hurricane Irma ? including President Donald Trump’s Mar-a-Lago estate in Palm Beach

The property has a flood insurance policy through the National Flood Insurance Program, [ https://www.fema.gov/national-flood-insurance-program?ncid=txtlnkusaolp00000618 ] a Federal Emergency Management Agency spokesperson told HuffPost. The program provides affordable insurance in flood-prone zones where private insurers have traditionally refused to insure properties because they’re so vulnerable.

The Mar-a-Lago club’s policy, which is insured to the Trump Organization and Donald J. Trump Revocable Trust, is not subsidized and is classified at a full-risk rate for the applicable flood zone, the FEMA spokesperson said.

A property covered at the “full-risk” rate means that its owner is paying a rate that reflects the full risk of flooding up to a certain coverage amount. Older properties can be “subsidized,” meaning their rates do not necessarily reflect the full risk for those properties. The 1968-era National Flood Insurance Program, or NFIP, offers a mix of rates.

The insurance program’s authorization was set to expire at the end of this month, but Trump signed legislation on Friday that temporarily extends it.
"Trump Signs Disaster Aid, and His Deal With Dems, Into Law"
https://www.nbcnews.com/politics/congress/house-passes-disaster-relief-sending-trump-sign-n799796?ncid=txtlnkusaolp00000618

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https://www.msn.com/en-us/news/politics/mar-a-lago-has-a-flood-insurance-policy-through-the-federal-government/ar-AAry9TG