Flood insurance is paid for by the participants premiums. When he says it didn't cost him a penny he was not counting the cost of his premiums. I assume he is smart enough to understand this, so he is being disingenuous (aka he is lying).
The government 'subsidy' amounts to secondary insurance which was difficult to get from commercial sources for flooding. One can argue that inexpensive insurance leads to more development in flood-prone areas, but it is hardly freeloading.
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Date: 29/3/11 15:15 (UTC)The government 'subsidy' amounts to secondary insurance which was difficult to get from commercial sources for flooding. One can argue that inexpensive insurance leads to more development in flood-prone areas, but it is hardly freeloading.