 flood insurance program further under water yet another federally backed program has crowded out the private sector and is quickly becoming insolvent hellip again the national flood insurance program nfip which is administered by the federal emergency management agency fema is virtually the only place homeowners can get insurance against flood damage and storm surge and because its policies are priced in such a way that they undercut the private sector it is the only place homeowners can turn for coverage damage from katrina required a taxpayer bailout to cover the losses and now irene threatens to put the program in financial trouble again given the horrendous track record of mismanagement and failure of federally backed programs why do people continue to look to the federal government for assistance read more at  wwwmsnbcmsncom id 44334082 ns usnewslife tl4cjzvvts0  flood insurance program further under water  