Posted by W_B on January 25, 2016 at 05:45:08 from (155.188.123.20):
In Reply to: Jersey shore flooding posted by Geo-TH,In on January 24, 2016 at 05:38:56:
Quoting Removed, click Modern View to see
It is a messy situation. To say being without a mortgage means you don't need coverage is a bit misleading. No mortgage means no agency or bank is going to require you to get a property policy of any kind, but IMHO, you do need it as you never know what will happen. If one can fund a rebuilding or cleanup out of their savings or investments or can just walk away from the burning embers, that's all good, most of us can't and consider the cost of the insurance reasonable in comparison to the alternative.
A fair system would be one where every person pays for their own exposures to loss, like most of us that live in hurricane or tornado areas do today. What would be unfair is for me to pay premium for flood insurance that I would never use due to no risk of flooding, or my company to pay an assessment or contribution out of all premium collected to a flood insurance risk pool for someone living along a river or the coast. Dare I say the fairest way would be for all those in flood areas to have mandatory flood insurance to make that pool of risks bigger. Lacking that we are back to what we have now, unaffordable flood insurance with the pool of risks being smaller. Subsidies of any kind are disruptive, what you subsidize you get more of, and that's NOT what we want. To really discourage building on the coast or in flood plains we need those to pay the real cost of the coverage, or go without and pay for their own losses.
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