Owners of homes within the coastal flood zone are up in arms over increases in flood insurance premiums (“Congress scrambles as coastal residents rail at insurance rates,” Page A1, Jan. 19). For decades, 55 to 60 percent of their annual premiums have been paid by the federal government. It is hard to feel sympathetic now.
Since many properties affected are second homes, businesses, or homes with repeated flood damage, it is all the more reasonable that owners pay the going rate for their insurance. Market rates are high for a reason, and risk-takers have to accept the costs rather than being bailed out by taxpayers.