In preparing for and responding to natural hazards and disasters, the welfare state establishes a social contract, distributing responsibilities for what will be collectively managed and what will be individually borne. Drawing on archival, interview, and ethnographic data, this article examines the renegotiation of that social contract through the lens of contested efforts to reform the massively indebted US National Flood Insurance Program from 2011 to 2014. In the face of a morally charged debate about deservingness and individual choice, Congress (...) passed legislation that committed to incorporating need-based considerations to the NFIP for the first time. The result defined “deservingness” in terms of ability to pay for risk exposure, qualifying an individualization of responsibility for addressing the problem of flood loss—a problem that might instead demand broader risk sharing, particularly as climate change worsens the threat of flooding. (shrink)