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Absolutely true. But we need to expose the dangers of building and living in these hazardous areas and make the owners share significant portions of the costs o
by sizzzzlerz 9y ago
Absolutely true. But we need to expose the dangers of building and living in these hazardous areas and make the owners share significant portions of the costs of protecting them. Here, in California, you can buy earthquake insurance but at a high premium and high deductabl but everyone is quite aware of the fact that the earth can shift any time. The same should be the case for building in areas subject to wildfires, or avalanches, or tidal surge, or tornadoes, or hurricanes.
- falcolas 9y ago> make the owners share significant portions of the costs of protecting them Well, practically speaking, we do. In the form of taxes, which are redistributed according to need by FEMA and associated agencies. This is definitely one place I would not trust a for-profit insurance company given the typical cautions around fire insurance for a home - use it only as a last resort or find yourself unable to get coverage.
- sizzzzlerz 9y agoIn the event of a major catastrophe, it really won't make any difference who is carrying the insurance. They're all going to run out of money and will only pay off the early birds or a fraction of the policy's coverage to all. And by major, here, I'm think an 8 earthquake rupturing the San Andreas fault from San Diego to the Tehachapis or a multi-state cat 5 tornado swarm in OK, NE, KS, IA, and MO. Are they likely? Sure but improbable. The joker, however, will be the effect of global warming and what its going to do to the weather.