The President's News Conference
12/27/1950
https://www.presidency.ucsb.edu...
Insurance is especially important under present circumstances when our system of protection against floods is so incomplete.
I strongly believe that legislation along these lines is most urgently needed.
At present, insurance against flood damage is virtually unobtainable from private insurance companies.
We can and we should provide a businesslike system of insurance to finance the restoration of such losses.