Saving the Flood Insurance Program

And, of course, taxpayers will be footing at least some of the bill.

The Congressional Budget Office estimates that changes to NFIP's flood coverage alone will cost about $6 billion from 2008 to 2012. That doesn't include $1.6 billion for flood mapping and other items. Costs could be far greater if there's another devastating hurricane season like 2005.

If the NFIP were to include wind coverage, there is a "reasonable potential" its deficit would reach $100 billion to $200 billion per year, according to a Towers Perrin study funded by the American Insurance Association.

If the program covered only 20% of the market, focusing on the most wind-prone areas, the annual deficit would be a smaller but still significant $20 billion to $50 billion.