I agree with the majority of what John posted. The trouble is that what they consider a flood area is changing. Also the insurance companies are using the flood insurance as a crutch to use and not cover ANY water/flood damage unless you have the insurance.
In Dubuque about 8-10 year ago there where two houses flooded after a heavy rain event, like 5-8 inches in a few hours. The trouble is these two houses are 100 feet above any water way or river. So how did they flood. Well they are half way up the steep hill that is along the Mississippi River. They are on the down hill side of a street. The houses have garages on the main floor that is level with the street. Then a downstairs that is level with the back if the grade/lot. So how did they flood??? Across from these two house is a cross street. The water came down this cross street several feet in depth. It ramped up the houses drive ways an caved in the garage doors and then flooded the inside of the houses. It destroyed these two houses. The owners had to sue the insurances companies to get any coverage. The companies both said they would not pay for flood damage since the houses where flood damaged. The companies did not want to listen to the fact that both homes were 75-100 feet above any recorded flood plain.
So I am on the fence with regards as what to do with the flood insurance issue. If we make the insurance pool too small then it would be unaffordable to anyone. I really think that including all damage nation wide would work IF they still limit where your covered that had known risks. Example flood plains or mud slide areas. Limit the coverage on new construction in those area.
It is not an easy answer. While I like everyone to stand on their own two feet as much as possible I am also compassionate enough to realize shared risked is not a bad thing either. It would be hard to relocate hundreds of years of building in high risk areas. For many years homes/towns/cities were built along the rivers for the access to the water. We have the technology now to make it where we do not have to be right along the rivers for the benefits of them.
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