Ok I will state the queston publicly and my intent. The intent is for research project for a university. The project is this:
To properly assess the risk the National Flood Insurance Program (NFIP), and therefore the public, is bearing.
Take a look at this:
http://bsa.nfipstat.com/reports/1011.htm
The NFIP has 5,595,554 flood policies in force in the Nation. 2,189,337 or roughly 40% of the nation’s policies are in Florida alone.
I need specific policy information from the NFIP. This information is neither published nor disclosed for NO obvious reason. I will file a freedom of information request and will see where that leads.
I do not want any private information at all, I do not want any names of individuals, I am only are looking at condo associations, and the premiums collected from these specific associations to properly assess the risk underwritten.
It is well known that no insurance company will underwrite flood policies in low lying areas. If you want flood insurance, you have to buy it under the NFIP program, which is underwritten by the government. Private and public insurance companies have evaluated the risk and have concluded that these is too much risk to assume for the amount of premium the NFIP charges to effectively compete for these policies.
So here the moral hazard: There are several condo's that would never have been built were it not for FEMA and the NFIP. These condos would never have qualified for flood insurance.
There will be another condo building boom in Florida, it may be 100 years from now, but it will come. It is our goal to show that the free market should be allowed to float in order to compete to offer premiums that match the risk of these flood policies. This will prevent future Condo's from being built in low lying area's and getting the public to bear the risk of flood.
So here is what I need. I need the name of the condo association, the date the policy was written and the premium charged. We have a very large team that is going to do site visits on a very large sample of condo's policies to assess the risk based on year built and flood plain analysis, so the risk can properly be assessed. The risk and probabilities will be analyzed under 100 year flood scenarios and then we will compare that to the premiums collected.
We Believe that the risk the public is bearing for these policies is grossly understated and that the NFIP, under a 100 year flood scenario is not a viable entity.
