This IJ article points out that Mr. McCain and some governors (two of which are mentioned as possible running mates) are at odds over a national disaster fund. If we just focus on one principle that is supposedly an important part of the flood insurance program and apply it to the potential federal disaster plan -- that we do not have subsidies between high risk and low risk consumers -- the benefit of a national disaster plan evaporates.
If there is no subsidization from low risk to high risks, then there is no need for a federal backstop. The private market behaves this way currently. So what Florida really wants is to be subsidized. It is that simple as a subsidy will keep economic development going as it it makes commercial and residential development in the state more attractive. Realistically, there is no way that the relatively low risk states will want to be part of subsidizing Florida's residents. However, because of Florida's electoral college votes we may end up subsidizing Florida anyway.