Senator Chuck Schumer wants to reform how the NFIP manages policies, abolishing the Write Your Own (WYO) system:
[The Senator] proposes that instead of the existing WYO system, the federal government write and issue the policies directly to homeowners.
This would have a few effects. The most important is that it would remove the insurance agent from the process. Flood insurance has a notoriously high drop-off rate. FEMA could probably better enforce the purchase requirement for mortgage holders. This would be a small step toward reforming the program’s finances.
Image by the Senate Democrats.