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Really? It's because wealthy people tend to have physical assets and political power there. They don't want to pay more for insurance for their assets in the s
by throwaway5752 8y ago
Really?
It's because wealthy people tend to have physical assets and political power there. They don't want to pay more for insurance for their assets in the short term (property/catastrophe coverage) and in many cases they would be difficult or impossible to liquidate and transfer to somewhere not effected.
This has been the case in coastal areas, with property developers at least. They have it very badly, where they typically are small-ish family operations at the core and they operate with high leverage as land banks.
- scottlegrand2 8y agoSimple answer with horrible consequences, discontinue all FEMA insurance. This of course will never happen because many elected representatives from both parties have coastal properties that require it in order to get a mortgage. But if you did the above, it really doesn't matter whether climate change is real or not, all the risk will be on the homeowner going forward. That ought to be enough to change behavior in the long run.