The federal government's flood insurance program has triggered a steady downpour of bad news, but private insurance isn't going to replace the troubled program anytime soon unless Congress makes some changes, experts said.

The National Flood Insurance Program is administered by FEMA, which works with more than 80 private insurance companies to offer flood insurance to business owners, renters and homeowners in areas where flooding is a distinct risk.

Currently, more than 5.5 million flood insurance policies are in place in 20,556 participating communities nationwide, but not everyone is eligible for the program.