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Good point about private insurance. Market forces might sort that one out. The other coin is public. FEMA bails out people who built in risky storm and flood z
by imglorp 6y ago
Good point about private insurance. Market forces might sort that one out. The other coin is public.
FEMA bails out people who built in risky storm and flood zones like New Orleans. At the very least, I feel FEMA should be a one-time thing, if you insist on rebuilding in the same place, the government shouldn't be there for you again next flood.
- lumost 6y agoThe reason for federal flood insurance is the “100 year flood”. As major floods are correlated private insurance struggles not to simply go bust. Given that most buildings are built for 30-40 year spans, forcibly rebuilding once per century can be done economically. The problems arise when hundred year floods become 10-30 year floods.