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While this makes a lot of sense in theory (I do agree that people need to be moving away from flood plains), this policy would create a nightmare of downstream
by logicalfails 2y ago
While this makes a lot of sense in theory (I do agree that people need to be moving away from flood plains), this policy would create a nightmare of downstream effects. Such as, substantially increasing housing/land/construction prices elsewhere, as you have a flood of insurance filled wallets looking for new areas to move. It may even incentivize moving to nearby areas that were not flooded but still eligible for insurance, since they will just get paid out again.
Not to mention all the political ramifications from the political willpower to pass this, to local/state electors crying against it.
- pyuser583 2y agoNot to mention: decreasing the cost of housing in stricken areas. It would be much more appealing for people with low assets. Talk about a crappy situation.
- nothercastle 2y agoThere is only a finite number of areas like that and most are already built on. Even if one person collects insurance ever year it would not be an issues as the insurance is for the property and it would have been destroyed anyway the actual recipient doesn’t affect the total payout.