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Taxpayers will pay
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Posted by Saab good car [Email] (more from Saab good car) on Tue, 27 Sep 2005 14:10:03 Share Post by Email
In Reply to: Re: What should be rebuilt in TX and LA?, cfishgo, Tue, 27 Sep 2005 11:00:41
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Unfortunately, taxpayers will pay for many individual homes. Somehow, the government insures for flood damage that is excluded in private homeowner's insurance. This creates a situation in which people build homes in places that they wouldn't - flood zones, mud-slide zones, etc.

If people had to pay the actual costs involved in building in these areas, there would be less development. In the meantime, you and me will pay for people to build where logic says they shouldn't.

Even worse, the Democrat AG of MS or AL is going to sue private insurance companies according to yesterday's WSJ or IDB (I don't recall which) to compel them to pay for flood damage when their insurance contracts clearly stated that they do not pay for flood damage. If he does this, it's not difficult to imagine that all homeowners in his state will cease operations.

posted by 12.216.71...

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