Read the story here. Advertise at Before It's News here.
Profile image
By Reaper (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Establishment’s Mega Wealthy Protect Themselves – Extend Flood Insurance to Protect Their Mansions

% of readers think this story is Fact. Add your two cents.

The Truth Behind Mar-a-Lago’s Unpopular Flood Insurance Policy

Some critics see it as advantageous to rich beach-front property owners.

Should President Donald Trump’Mar-a-Lago Palm Beach estate become flooded as a result of Hurricane Irma’s impending presence in Florida, the damage will be covered under the National Flood Insurance Program. However, the program’s poor returns have made it unpopular with critics who see it as a scapegoat for rich beach-front property owners.

According to HuffPost, the federal insurance program provides affordable insurance to properties in vulnerable, flood-prone areas that private insurers wouldn’t gamble on insuring.

The Mar-a-Lago property, insured to the Trump Organization and Donald J. Trump Revocable Trust, has an unsubsidized policy and has the “full-risk” rate for its flood zone, a FEMA spokesperson told HuffPost. That means the property owner pays the “full-risk” rate up to a certain amount.

The insurance program was to expire at the end of the month, but Trump extended the policy termination to December as part of the $15 billion disaster relief package signed Friday.

However, as HuffPost notes, the program’s critics have taken issue with its rates, as it doesn’t charge enough to cover the costs of liabilities and doesn’t bring in enough money as a whole. That means it owes an estimated $25 billion to the U.S. Treasury. Critics have said the program allows beach-front property owners to stay on the water without financial risk, and the program is projected to have a one-year shortfall of $1.4 billion, according to a September CBO report.

While Mar-a-Lago isn’t receiving subsidized aid, Democrats have tried to stop Trump’s properties from receiving federal subsidies for flood insurance through a proposed bill called the Prohibiting Aid for Recipients Ignoring Science Act. The PARIS Act plays upon the name of the Paris Climate Accord, which Trump withdrew from this summer.

In the meantime, the Palm Beach club, the Trump International Golf Club in Palm Beach, and the Trump National Golf Club in Jupiter are all evacuated and closed in anticipation of Irma’s landfall.

Read the entire HuffPost report on the Mar-A-Lago’s history of receiving federal aid while under Trump’s management here.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.