Simply solution - don’t nationalize insurance.
This would’ve been a good example to use as one of the “why not”s for commie care.
The WWII bunkers along the gulf coast have weathered these storms well. Why not redesign such megamansion development?
Capitalism, baby...with a tan!
Beach houses might be getting bigger and bigger, but I’m sure the virtue signaling liberals who lives there CARE more about the environment than the rest of us. So...it’s all good.
We taxpayers are being taken for a ride twice and congress knows it and does nothing. If you choose to build your house where you know it is going to flood, you should not expect the taxpayer to help with your insurance bill.
Same thing with student loans. These loans are an absolute folly and congress knows it yet they continue unabated. They are no different from the sub- prime loans. People are being loaned exorbitant amounts of money with no visible means or intention of paying it back.
People are building expensive homes (many that will never be their primary residences) in the eyes of hurricanes and the taxpayer funded flood insurance is making it possible.
Both situations are examples of government subsidized insanity brought to us by our congress.
Although southern locations are noted, unscrupulous or just plain ignorant
real estate developers sold property on Staten island within hurricane destruction zone.
When the hurricane actually destroyed the property, the press reacted as if God himself had it in for New York. None of destroyed Staten Island should have been rebuilt.
In my personal survey, I have determined that a cat 5 or possible direct cat 4 hit on Miami will devastate property in inestimable billions of $$. None of Miami can be billed to tax payers.
If states were made to pay for their own beach “replenishment” programs, we’d have a lot less of this cr@p.
The author completely forgot the rest of the flood ins scam, the millions of homes in flood plains next to rivers.
He/she figured that more outrage would be generated by multi-million beach houses, rather than the millions modest homes near rivers.
I think we should get the government out of the Ins business once and for all.
Heck ya,
What are taxpayer good for anyway?
Heck ya,
What are taxpayers good for anyway?
I don’t know about the hotels and such...
My understanding is that when houses are being rebuilt they must include new building materials and designs that will withstand the weather that goes with the beautiful view on the coast.
That’s one of the reasons house construction shot up after the 2000s.
Me, myself? Not going to live on the coast. While I can swim fairly well, I get a wee bit nervous around that much water.
LOL
This is going to turn into a “why are people building on the coast anyway, and why should my insurance dollars pay for it?” That could be true of anything. I pay higher rates for my Hurricane insurance and a higher deductible (no, I’m not on the beach). I also pay into the National Flood Insurance Program. I could sit here and easily complain about why my money goes towards those living in the flood plains (why do they have to build there/s), or those that live in wildfire areas, or tornado alley, or in earthquake zones...but I don’t. There’s a hazard out there for anyone, and as long as you live up to the expectations of the insurance provider, you should expect to be covered for loss...no matter private or government insurance. The owner should also build to code, my house in Florida was built in 2003. 16 years and many hurricanes later-no claims yet.
what the Feds are really insuring are the local and state tax revenue streams flowing from property and sales taxes, restaurant taxes etc. that prop up all the regional munibonds in waterfront states and cities.
THATS why the incentive for bigger replacement beach houses
Any place generating 40K per week rental revenue is taxed by the state and spins off at least that in ancillary expenditures and tax revenue locally
Its always about the cash flow-and generally into burocratic coffers
My folks live in Cape May New Jersey
I’ve been all up and down the coast of all the barrier islands south of Manitoloking
I can tell you one thing that along the coast all of those houses for hundreds of miles are all worth $1 million plus and that goes for a few streets inland as well
Wildwood. Ocean city. Stone harbor. Avalon margate Benton etc
Furthermore There’s nobody in these giant mansions except for in the summer.
In the fall winter and spring all of the bustling city is in the summer Are ghost towns
So the bottom line is the state of New Jersey reaps incredible monies from these giant mega mansions which really just sit there almost all of the time and that’s how their government even exists