I am already paying far more than I can afford. $2600 on a $160K house. Not arguing with the market, which is always a losing issue, but I can tell you many elderly people I know are just not covering their homes - they just can't afford the insurance. In the news it was estimated that 25% of people in the area have no coverage.
A major hurricane in my area and you are going to have tons of elderly people with no way to fix their homes and no place to live. Many just live on their social security checks and insurance is not an option.
It won't be pretty.
When you own a home this is something you need to be ready for. I suppose they could sell their homes and rent or move to a state where the insurance is cheaper. Also, I have a difficult time feeling sorry for some people who only live on their Social Security many of whom made decent incomes while young but didn't save a dime. It was meant to supplement your retirement income not be your only retirement income. Those are the people who will have their house blown down and then turn to the government and ask what is it going to do about this. I say sell your property and find an apartment somewhere.
So what's the solution? Make everyone else in the State pay so they can live in a warm climate near the beach? Or in this case a lot of the costs are being thrust on taxpayers across the country.
The reason it's not pretty is that the government has tried to legislate insurance rates rather than let the free market set them at reasonable levels.
Insurance is part of the cost of owning a home, and that cost has ben artificailly lowered in the past because of government meddling.
Now that the hurricanes have hit those real costs have to be apid, and it's the taxpayers that are paying for what is really the expensess of a relatively small portion of the populace.
Those that chose to live on the cost need to be able to afford the costs of living there, or they need to find somewhere else to live.