NPR.

This is the indicator from planet money. I'm Patty Hirsch.

And I'm Whalen Wong. We've been hearing a lot about flooding in the news lately.

Catastrophic floods in Spain.

And closer to home this week, tropical storms and heavy rains are soaking Louisiana,

Southeast Texas, Missouri, and Oklahoma.

Insurance isn't the first thing that comes to mind when you're anticipating a flood,

but American homeowners who do check their home insurance policies will almost certainly find that they are not covered.

That's because most insurers in the U.S. do not cover flood.

In fact, pretty much the only place you can get flood coverage is from the government, through the NFIP, the National Flood Insurance Program.

Because it's basically the only game in town, you would think the NFIP would

be going gangbusters. But the program is not doing well. The NFIP frequently runs out of money

and has to ask Congress for a loan. The result is that the American taxpayer is increasingly

on the hook for payments to flooded homeowners. On today's show, we'll find out why that is

and learn why the National Flood Insurance Program is struggling.

Joe Biden's on his way out, and Donald Trump's on his way back.

Want to know what's happening as the presidential transition is underway?

The NPR Politics Podcast has you covered with the latest news and analysis.

Listen to the NPR Politics Podcast.

Flooding has become something of a fact of life for the people who live close to the Winooski River, which runs alongside the town of Waterbury in Vermont.

It flooded in July 23. It flooded in July 23.

It flooded in December 23, and then it flooded again in July of this past year.

...