Donald Trump makes sure he and his mega rich cronies are protected by the taxpayer, full risk flood insurance given by the federal Government. Trump’s Mar-a- logo resort will get carte blanche treatment, financed by you and me. This policy was to expire at the end of this month, but was extended as he signed a current $15 billion disaster relief package in preparation for the current geo engineered disasters.
The mega rich get to stay on the oceanfront properties without adequately paying enough in premiums, basically screwing the everyday American taxpayer. They’re getting huge subsidies by the Federal Government. Currently, this program is $25 billion in shortfalls and owes the US treasury.
Currently, the bill H.R.2877 – Paris Act of 2017 (The Paris Climate Accord) is being used to try and hide new legislation to further these injustice. Billionaires again, screwing everybody else.
“Should President Donald Trump’s 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.
More below
The Mar-A-Lago has flood insurance though an unpopular federal program
