[RockinRight]

What I want to know is why private flood insurance wasn't offered? I mean, not in NOLA, but in places that might flood twice a century?

[Phantom Lord]

What I want to know is why private flood insurance wasn't offered?

I am sure flood insurance was offered. I do mortgage lending and a good portion of my business is beach homes. You can buy private flood insurance. But it often is more than your mortgage payment.

[Minutemen]

Thats what insurance companies do, accept the least amount of risk. just like automobile insurance: you have too many claims, they drop you and then you can only get insured thru a state "insurance pool"

[PeoplesRepublicOfWashington]

For all practical purposes, there is no such thing as private flood insurance.

[kingu]

What I want to know is why private flood insurance wasn't offered? I mean, not in NOLA, but in places that might flood twice a century?

Who would pay a higher rate for private insurance when the government is right there offering cheap insurance?

Private insurance does indeed exist; it covers the amounts above what FEMA will pay. You get cheap for the first 250k, and the rest is pretty cheap as well since you have a 250k deductible.