You’re gonna have a tough time rounding up support since a vast majority of Americans do not live in flood zones with beaches outside their back doors.
I’m for people who need flood insurance paying market price for their flood insurance! (MUCH higher than they currently pay!)
Good analysis.
We need to get the federal government out of the Flood Insurance business and let the people in Louisiana, Mississippi, Alabama Florida and coastal Texas pay the full amount it cost to insure their property in flood prone areas.
Why do people build in a flood zone anyway? Because the government backed insurance is so cheap?
Make a replacement bill, and attach it to the funding bills that are not passing the senate.
The reason the feds subsidize flood insurance is that it's not profitable for the insurance companies. Maybe people and communities should adjust and build smaller houses along the coast, so the owners can absorb losing the house to a flood. Why should be subsidize zillionaires who build palaces in areas that are going to flood at some point or another?
Well government subsidized flood insurance had created a moral hazard. Now when people get flooded out the taxpayers bail them out. Then they rebuild right back in the same flood plane. What we should do is eliminate the insurance subsidy and the tax. Just let the market set both the land prices and the insurance rates.
It was passed 74 to 19 by the Senate.
As she, and I assume you, know.
We’re still subsidizing the insurance. At best we can only stretch out the subsidy a few more years.
I hate to see people hurt, but basing long term plans on a government subsidy is a sure way to be hurt.
The horror of people having to pay market prices for insurance... Color me completely unsympathetic. Government flood insurance should be abolished.
I live close to a flood zone and don’t require insurance but choose to buy it. If it becomes too expensive I’ll just drop it. Hurricanes don’t come to the same place every year.
I suggest that those who aren’t required by their financiers, be able to create a homeowners tax exempt account that could be used to rebuild in the event of a natural disaster. The owner would be exempt from federal assistance. Some limits would have to be put on the amount invested, but enough allowed for incentivizing self insurance.
This could be applied to all natural disasters.
Just throwing this out for freeper discussion and ideas.
Tossed this fun topic around with Dad. He and my mom still inhabit Long Island. And no, they’re not rich, just working class losers like me. We left it here:
Grandfather in all the current owners as of todays date, once, at todays dollar value. When the time comes the house is destroyed, owner takes the predetermined dollar value and goes away, and no one ever builds on that land again. You’d be limiting the govt payout to a fixed price. You’d be ending the cycle of providing services to areas where none belong. But you wouldn’t be screwing a bunch of taxpaying families all at once, today. As it is, that property becomes a huge albatross around our family’s neck. Can’t get rid of it, taxes are absurd, which one of us lives in the outdated thing for now...
Someone smart tell me how that doesn’t work, so I can call my Dad and pretend it’s coming from me:)
But I do understand that building on the beach (or in a flood zone)is not the brightest thing to do.
People do it anyway.
It's an oddly immoral scam, from my viewpoint.
The property owner, the insurance company and the government keep inflating the “value” of a property guaranteed to be destroyed, and when it does get destroyed, the owner is “made whole” via tax dollars.
Tiny bubbles bursting all the time!
Everyone living in a flood plain should be mandated to pay for my health insurance.