I predict there will be numerous terrorist attacks in the US before Obama’s waterfront mansions are flooded.
The problem I have is with National Flood Insurance.
Meaning IF your house on the coast of Florida gets hit by a hurricane you will get paid to rebuild it. If you choose to rebuild it in the same place, and it gets wiped out again five years later by another hurricane, you will get paid again to rebuild it.
WE are subsidizing MULTI MILLIONAIRES over and over again to rebuild their beach houses. I think it is great that someone can afford to own a beach house. I have no problem with that. What I have an issue with is that I think you should only get to be reimbursed ONCE. After that IF you or anyone else wants to build in the same spot, you are on your own.
This also goes for flood plains around rivers in the USA or in the 9th Ward of New Orleans. If you knowingly build a house in a flood plain, even IF that flood only comes once every 100 years you should not be depending on the Federal Government to bail you out when it eventually gets flooded.
FYI, I just had this conversation with a buddy who is in the process of rebuilding his cottage in Wells, ME. It is across the street from the Atlantic Ocean. It got flooded in a storm this past winter.