Frankly, I'm tired of subsidizing federal flood insurance (not private hurricane insurance, so slightly off topic) as currently structured, to help land developers continuously rebuild in flood plains every few years.
Having insurance, any sort, is an exercise in subsidizing the risky situations, even if you never make a claim. What I do find "amusing" is that some carriers are pulling out of markets like CA & FL, because they know they couldn't effectively spread the risk out among all insured folks.
So then the states/Feds fill in, once again, not having the cajones to actually make the folks pay what the true value should be, making up the difference in tax hikes.
But there's a new variable in the equation, folks who don't need a mortgage, and therefore don't have to buy flood insurance. It's fine to me, but they better not be crying poverty to FEMA to get free $$.
I think it should be a "One Claim & We Buy You Out", and NEVER allow that lot to be built on again. That positioning would make the price of waterfront property drop like a rock, and make water view skyrocket.
Once again, it's all relative. I feel sorry for you folks in NY, my 1 year car insurance premium for 2 cars combined is under $1100, a number you probably haven't seen for a single car, 1 year payment in years. The agent called me up the other day to warn and apologize that the 6 month premium for one of the vehicles was going up $35 because all rates in Maine were going up. I can't fathom what you guys got hit for...
www.yahoo.com
nypost.com
www.aol.com
