Even though a major hurricane has yet to make landfall this season, 2025 has been a year of devastating floods. Thousands of flash floods across the country this summer sent torrents of water into people’s homes, swept away cars, knocked down trees, and ripped bridges away. Floods over the July 4 weekend in Central Texas killed at least 135 people and caused upward of $22 billion in damages according to one estimate.

Though lost lives can never be recovered, the US has long had a program designed to help surviving homeowners financially devastated by floods. But at a moment when so many are trying to return home and the costs of flood recovery are rising, the National Flood Insurance Program is sinking deeper into the red.

Earlier this year, the program borrowed $2 billion from the US Tr

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