When was that house built? What should the current owners do with it? If they sell, someone else needs to buy. Someone is going to be left holding the bag for a decision made decades ago.
And our current approach already indemnifies them, because their flood insurance is provided by the federal government as no private insurer will offer it. Then, when a flood hits, we all pay for it, along with the emergency response during and after the event.
It was always a terrible idea for the government to offer insurance when private insurers wouldn’t. It just forces everyone to subsidize the lifestyles of people who choose to live in disaster-prone areas. Perhaps it was necessary for a time to avoid major economic upheaval, but constantly rebuilding in areas where disasters keep happening should never have been allowed to become a long-term policy.
I’m somewhat astonished that you think owners of this type of property ought to be indemnified in any way.
If I inherited such a property, I would absolutely try to find a “greater fool” to buy it.
I would point out though, properties like that aren’t going to be unsaleable over night. They’re just going to be less desirable than other properties.
Petroleum companies, oil and plastics added so much pollution in such a short amount of time the planet couldn’t deal with it and it’s likely led to significant, global-level environmental impact.
When was that house built? What should the current owners do with it? If they sell, someone else needs to buy. Someone is going to be left holding the bag for a decision made decades ago.
And our current approach already indemnifies them, because their flood insurance is provided by the federal government as no private insurer will offer it. Then, when a flood hits, we all pay for it, along with the emergency response during and after the event.
It was always a terrible idea for the government to offer insurance when private insurers wouldn’t. It just forces everyone to subsidize the lifestyles of people who choose to live in disaster-prone areas. Perhaps it was necessary for a time to avoid major economic upheaval, but constantly rebuilding in areas where disasters keep happening should never have been allowed to become a long-term policy.
I’m somewhat astonished that you think owners of this type of property ought to be indemnified in any way.
If I inherited such a property, I would absolutely try to find a “greater fool” to buy it.
I would point out though, properties like that aren’t going to be unsaleable over night. They’re just going to be less desirable than other properties.
The government shouldn’t offer insurance the market won’t. The person holding the bag is the most recent idiot.
What if they bought before the 70s? Before climate change was taught in schools?
Then they have PLENTY of equity to move to a place better suited to their risk tolerance.
We all know who’s responsible for it.
Petroleum companies, oil and plastics added so much pollution in such a short amount of time the planet couldn’t deal with it and it’s likely led to significant, global-level environmental impact.
Sure, but even they didn’t know they were destroying the climate until the 70s
Actually, Exxon knew about it in the 50s…
https://youtu.be/MondapIjAAM
At which point they proceeded to lie and cover it up for decades instead of idk, not poisoning the planet and humanity for profit.
Yes. We’re talking about home owners here.
Yes, and? I’m saying we know exactly who’s responsible for climate catastrophe, it’s not some mystery.