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As has been pointed out many times in recent weeks, they then want the "big government" to fund their rescue and recovery when that mistake bites them.
by InitialLastName 9y ago
As has been pointed out many times in recent weeks, they then want the "big government" to fund their rescue and recovery when that mistake bites them.
- dv_dt 9y agoThrough the National Flood Insurance Program "one percent of homes have been responsible for more than 25 percent of the claims." In various ways the program is not allowed to deny issuing policies. http://www.npr.org/sections/money/2017/09/29/554603161/episode-797-flood-money http://www.npr.org/sections/money/2017/09/29/554603161/episo... Though the podcast doesn't mention it, I'm sure politicians have blocked consideration of climate change in any overt way. Edit: excerpts repackaged in text form (the podcast is much more in-depth) http://www.npr.org/2017/09/13/550607447/why-the-government-loses-money-on-selling-flood-insurance http://www.npr.org/2017/09/13/550607447/why-the-government-l...
- Retra 9y agoI'm not sure what the relevance of insurance claims is. Flood insurance would be a scam if they only insured low-risk homes, and it would be horribly inefficient to only insure high-risk homes. When 99% of the insured cover the 1% that make claims, that looks like it's working as designed to me.
- dv_dt 9y agoIn the podcast IIRC one house has had $4M worth of claims across 4 floods over 8 years... the claims should be paid on existing policies, but new policies shouldn't be issued for that house unless major changes are made.
- zaroth 9y agoCoverage limits make that impossible.
- acdha 9y agoThe relevance is covered in more detail in the story but it basically comes down to not being able to charge market rates. The cap is well below what normal actuarial practice would call for but politics makes changing that hard.
- sliverstorm 9y agoIt's hypocrisy, yes, but that's not stopping them. It's up to the Fed, to attach strings to the recovery funding. For starters, fixing NFIP.
- Simon_says 9y agoExactly. I have no problem with idiots that want to build in flood plains, but I get upset with federally-subsidized flood insurance program and FEMA who come in to rescue people who make shit decisions.
- leereeves 9y agoIs this partisan? Do you feel the same way about people who live in areas prone to destruction by hurricanes, like New Orleans and Puerto Rico?
- mistermann 9y agoThis is a great question. It's exactly the type (there are many more) of question that isn't asked and debated to conclusion, and this is a big part of why politics will never get fixed in the US.
- scarface74 9y agoEmotionally, I feel different about Puerto Rico because it’s island that got completely destroyed. It’s not like they can get in their car and go someplace safer. But there is a lot of land in the middle of the country that is not prone to hurricanes and floods (?)
- zaroth 9y agoThis is the cognitive dissonance of trying to explain away the underlying truth that you want to help people you sympathize with, but not the people you don't.
- scarface74 9y agoI don’t have a problem helping the people in Houston relocate and pay them what was fair market value for their homes.
- seandhi 9y agoHarris County is blue, just like other major metro areas in Texas. Don't look at Texas as a monolith. Thanks.