[TexasFreeper2009]

Poor people don’t usually own their homes. They are usually renting, which means the cost to rebuild with fall on the owner or more specifically their insurance company.

Nearly no one owns their home outright, which means they are required to have insurance and if they are in a flood zone, they will be required to have flood insurance.

[Ancesthntr]

“Nearly no one owns their home outright, which means they are required to have insurance and if they are in a flood zone, they will be required to have flood insurance.”

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Federally-subsidized flood insurance - which is nearly all of it, since it covers flood zones only - is limited to $250K for the structure and $100K for the contents. Sounds like a lot of money, but not if you’re in a $500K house with a $350K mortgage - then you’re 100K in the hole. Needless to say, the more expensive your house is, the more of a hole you’re in.