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>My insurance premiums (and to a huge degree now, taxes) shouldn't go to pay for people who keep rebuilding in a swamp that is routinely leveled by hurricanes.

>My insurance premiums (and to a huge degree now, taxes) shouldn't go to pay for people who keep rebuilding in a swamp that is routinely leveled by hurricanes. I live in Tampa 50ft above sea level which hasn't been hit directly in 100 years and my property value would only go up if sea levels rise. My house is 70 years old and made of concrete block. There are many more houses not in flood zone than are but everyone is getting hit. So while it's great you are't covering any risk for us down here, risk is still being spread, which is what insurance is for btw. My father in law has a house on stilts in the woods nowhere near any flooding or water because the guy who built it just wanted a house on stilts, he has a very hard time finding insurance now because of a "if stilts then deny" business rule somewhere in some automated system. I am not a fan of the political climate down here or its policies, but it wasn't always this way. The current insurance situation is ridiculous whatever the reason similar to health insurance and to me it seems mostly related to profiteering at all levels.

lotsofpulp 3y ago
> So while it's great you are't covering any risk for us down here, risk is still being spread, which is what insurance is for btw. All federal taxpayers are subsidizing Florida and much of the southeast coast via NFIP, and have been for a long time. And insurance is for spreading unknown and unlikely risks. Spreading costs from likely and known risks is called a subsidy. That is why your house 50ft above sea level would have a lower premium than one likelier to flood at a lower elevation.
- SigmundA 3y ago
  I don't need flood insurance and yes if you do that is separate and covered by NFIP the government program because private will not cover at all here. I brought that up due to the parent comment referencing building in a swamp. All premiums are going up do to wind coverage not water, now define unknown and unlikely vs known and likely. Again Tampa hasn't been hit by a hurricane in 100 years, I am sure it will get hit at some point which is known but is that likely or unlikely? All insurance runs on actuarial science, likely or unlikely are not an actuarial term afaik, all covered risks are known at this point it's just a matter of their statistical probability.
  - lotsofpulp 3y ago
    I should have phrased it as sufficiently unlikely due to unknown risk factors. If an insurance company thought it could make money and people would be willing and able to pay the premiums necessary, they would be selling policies. The only reason they are not is because they think the premiums they are able to collect (either due to regulatory limits or customers’ budgets) are not enough to offset losses.

lotsofpulp 3y ago

> So while it's great you are't covering any risk for us down here, risk is still being spread, which is what insurance is for btw. All federal taxpayers are subsidizing Florida and much of the southeast coast via NFIP, and have been for a long time. And insurance is for spreading unknown and unlikely risks. Spreading costs from likely and known risks is called a subsidy. That is why your house 50ft above sea level would have a lower premium than one likelier to flood at a lower elevation.

SigmundA 3y ago
I don't need flood insurance and yes if you do that is separate and covered by NFIP the government program because private will not cover at all here. I brought that up due to the parent comment referencing building in a swamp. All premiums are going up do to wind coverage not water, now define unknown and unlikely vs known and likely. Again Tampa hasn't been hit by a hurricane in 100 years, I am sure it will get hit at some point which is known but is that likely or unlikely? All insurance runs on actuarial science, likely or unlikely are not an actuarial term afaik, all covered risks are known at this point it's just a matter of their statistical probability.
- lotsofpulp 3y ago
  I should have phrased it as sufficiently unlikely due to unknown risk factors. If an insurance company thought it could make money and people would be willing and able to pay the premiums necessary, they would be selling policies. The only reason they are not is because they think the premiums they are able to collect (either due to regulatory limits or customers’ budgets) are not enough to offset losses.