Schumer Wants to Abolish WYO | James Howard Schumer Wants to Abolish WYO | James Howard

Eur Ing Dr James P. Howard, II
A Mathematician, a Different Kind of Mathematician, and a Statistician

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Schumer Wants to Abolish WYO

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.