It would make sense if the insurance rates were calculated on actual risk, but the fools who build on flood plains and in the path of storm surge have the money to get governments to force companies to insure them. Houses, like cars, should be “totaled” at some point, and the location removed from the possibility of building. That would be an excellent way to reclaim some of our wetlands. Just as they sell the wrecked cars to junk yards, they could sell the wrecked properties to a conservancy.
Andante, when the insurance companies started reporting record profits for last year, people should have demanded explanations, but Congress would probably just figure out another way to protect the profits from taxes.
]]>It’s a great protection racket; taking money in promise of protection but then refusing to provide that protection.
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