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Berzerker
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topeka, kansas,USA
May 1999 time: 23:33
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quote: No. The insurance companies can handle it. That's what they're there for. If the premiums become too much, maybe there will be a particularly clear trade-off for the people of New Orleans of investment in flood control or paying sky high premiums (or abandoning their city, if that's what they see fit to do). |
Yup, and thats where the feds bail out the insurance companies - privatised profit, socialised losses.
quote: Flood insurnace is all Federal, since private companies won't insure against it. |
I assume you mean federal flood insurance for people in high risk areas. Just shows the nature of government, waste money on ventures people wouldn't do with their own money, often do it poorly, and reward people for making unwise decisions. Build on an active flood plain, get flooded (big surprise) and have Uncle Sam help you build on the same spot.
Want lower insurance premiums in California? Earthquake proof your house. The insurance company is telling you something.
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