RAIN ON THE SEVEN-DAY FORECAST
COMING UP IN A BIT AS WELL.
BACK OVER TO YOU.
ALL RIGHT, DAVE, THANKS.
CALIFORNIA IS A NET PAYER
INTO THE PROGRAM MASSIVELY SO.
A NEW REPORT SAYS
CALIFORNIA IS OVERPAYING FOR
FEDERAL FLOOD INSURANCE AND
SUGGESTS A NEW WAY TO PROTECT
HOMEOWNERS.
THE ATHORS OF THE NEW REPORT
SAY THE STATE -- THE AUTHORS OF
THE STATE REPORT SAY THE STATE
MIGHT NEED TO OFFER ITS OWN
FLOOD PLAN.
WE ARE AT THE SACRAMENTO
WEIR AND GETTING ANSWERS HOW
STATE-RUN FLOOD INSURANCE WOULD
WORK, DREW?
Reporter: WELL, RIGHT NOW
THOUSANDS OF CALIFORNIANS ARE
PAYING INTO THIS NATIONAL
PROGRAM AND STATE LEADERS ARE
WANTING TO KEEP SOME OF THAT
MONEY HERE AND PUT IT TOWARDS
-- TOWARDS PROJECTS.
I WAS AFRAID TO ADD IT UP.
THEY HAVE LIVED IN THE NORTH
GATE AREA FOR 45 YEARS.
THEY PAID FLOOD INSURANCE SINCE
DAY 1.
YOU DON'T HAVE AN OPTION.
Reporter: FOR MORE THAN
55,,HOMEOWNERS LIVING IN FLOOD-
PRONE AREAS FLOOD INSURANCE IS
MAND -- 55,000 HOMEOWNERS
LIVING IN FLOOD-PRONE AREAS
FLOOD INSURANCE IS MANDATORY.
THEY HAVE BEEN PAYING IN THE
POT FOR DECADES.
IN THE LAST 21 YEARS HAVE NOT
COLLECTED.
ONLY ONE YEAR CALIFORNIA GOT
MORE BACK IN PAYOUTS THAN PAID
IN PREMIUMS.
THAT WAS JUST BARELY.
Reporter: A GEOLOGY TEAM
SHOW SIDE THE STATE OVERPAID
FOR FLOOD INSURANCE.
OVER $3 BILLION MORE PAID
INTO THE PROGRAM THAN THE STATE
HAS GOTTEN OUT AS DISASTER
PAYOUTS IN THE 21 YEARS.
Reporter: HISTOMY SUGGESTS
DROPPING THE FEDS AND PROVIDES
STATE FLOOD -- HE IS SUGGESTING
DROPPING THE FEDS AND PROVIDING
STATE FLOODING INSURANCE.
LOWER FLOOD RISK, OTHER
THINGS LIKE THAT.
FLOOD CONTROL IS A NEVER-
ENDING GAME.
Reporter: THE GENERAL
MANAGER 1,000.
THEY PROTECT THE BASIN.
IT IS A GOOD TEST OF OUR
SYSTEM BUT I WOULD BE HAPPY TO
REPORT WE CAME THROUGH IT WITH
REALLY, REALLY NO PROBLEM.
Reporter: IF THE STUDY IS
CORRECT AND MONEY IS SAVED FROM
STATE-RUN FLOOD INSURANCE THEN
RISK REDUCTION IMPROVEMENTS
COULD BE MADE.
THE MONEY SHOULD STAY HERE
FOR US FOR THE STATE.
Reporter: THE DEPARTMENT OF
WATER RESOURS RELEASED A REPORT
SAYING THEY WILL LOOK INTO THE
FEASIBILITY OF A STATE-RUN
INSURANCE PROGRAM AND THAT IT
COULD POSSIBLY BE IMPLEMENTED
BY 2027.
IT IS AN INTERESTING
CONCEPT.
WHAT ARE THE DRAWBACKS TO STATE-
RUN PLAN?
THERE ARE A FEW ISSUES WITH
THIS.
RIGHT NOW, PRIVATE INSURERS ARE
MAKING NOTE OF WHAT CALIFORNIA
IS LOOKING TO DO.
THEY CAN SCOOP IN AND TAKE ALL
OF THE LOW-RISK OF POLICIES AND
THEN THE STATE WILL BE LEFT
WITH ALL OF THE HIGH RISK
POLICIES.
THAT IS A CONCERN.
ALSO, YOU ARE SETTING UP A NEW
DEPARTMENT.
IT HAS A LOT OF OVERHEAD AND
ADMINISTRATIVE COSTS THAT CAN
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