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Phasing out Federally subsidized flood insurance would be a start. Giving people an incentive to NOT buy in a flood plane or likely disaster zone seems like a g
by neap24 9y ago
Phasing out Federally subsidized flood insurance would be a start. Giving people an incentive to NOT buy in a flood plane or likely disaster zone seems like a good idea.
The only downside (according to the article) is that coastal cities would start to lose tax revenue. But, that problem seems much better than tons of people living on the coast that will eventually be consumed.
- giarc 9y agoI live in Calgary and we had a big flood a few years ago. The province and federal government stepped in to help some homeowners that weren't covered by insurance. Following the flood, they did land evaluation and identified homes in the flood plain. If you lived in the flood plain, you would only receive government assistance once. After that, if you stayed in the home, and it flooded, you were on your own. And this was home specific, not buyer specific. So I really should be saying "Your home would receive government assistance once".
- mjevans 9y agoIs that assistance conditional on the property being torn down and reclaimed as a suitable use for a flood plain area (EG a park)?
- giarc 9y agoNo, to expand a bit, there were a few classes of flood plain. Some were extreme and the province bought those owners out and tore down the homes. However, there were a ton of properties in the intermediate zone. They would get help to remediate their homes but that home would never qualify for assistance again. As can be imagined, if you sell the home, the next owner needs to be notified that the house no longer qualifies for assistance.