Just found out today that I may not be able to renew my flood insurance when it comes due. Why? Because the federal government, which backs all the flood insurances hasn't renewed it in the legislature. Now, wanna here something really nice? That very action is holding up the sales of new and used homes, because the mortgage companies won't allow the sale to go through unless there is adequate insurance, including flood insurance (even if one isn't near a flood plain). Can some of you political pundits explain this to me and the rest of America?
This is like when they dropped the ball on the Death Tax as well. They've been so busy sticking their little fingers in healthcare, the auto industry, the financial industry and everything else that they aren't focusing on the things that ARE their job.
Looks like a couple Republicans have blocked the bill on the grounds that approving it would add to the deficit, if these articles are accurate. Read more: http://www.insurancejournal.com/news/national/2010/04/12/108931.htm#ixzz0qkpyvnZM Read more: http://www.insurancejournal.com/news/national/2010/03/25/108473.htm#ixzz0qkqNtFcU On the one hand, arguably the Democrats shouldn't have tied the flood insurance to other items. On the other, it's a pretty shady and short-sighted thing to argue "We're not going to let this come to the floor because it'll increase the deficit" when you know it will put people in this sort of bind.
If the market won't bear flood insurance, than there shouldn't be flood insurance. While it's nice that this might have some anti-distortion effects (though it'll take a loooong time (or several big floods) to undo the population moves towards flood plains encouraged by the government offering flood insurance where it wouldn't otherwise exist), it's a pity it's being done for partisan purposes.
Thing is that the construction has created flood plains where there were none. Where I live, we NEVER had to worry about water seeping in the doors no matter had bad the rain. Now, because there are more houses and such, we have to mount a concerted effort to keep the tile dry inside the doors.
1. Why the fuck are so-called "conservatives" on this board getting their knickers in a knot because the government won't back something that's a financial burden anyway?!? 2. You live on a flood plain, don't be surprised when you wake up one morning in three feet of water. 3. Private insurance companies should be under no obligation to insure folks who live in high-danger areas (floods, hurricanes, earthquakes, etc.) That is all.
Wanna tell that to the folks in Oklahoma - where it normally doesn't flood? And as for the point 3 - well that's just about the whole damned country then. Guess we can run the insurance companies out of business, right?
Tsk, haven't you figured it out by now? WF conservalibertarians hate Gubmint unless it does what THEY want...like NASA. Must be that imaginary climate change your side is always about... Why not? You guys want a free market...don't patronize the home owners' insurance companies until they see things your way. A true Propertopian ought to be able to gather all the neighbors and move the house to higher ground, right?
What do we need insurance companies for? If they aren't going to pay for floods, storms of any kind? Hey, next thing you know, why should they pay for fires? They occur in the winters a lot you know.
I think the key here is that the Federal gubmint requires flood insurance in certain areas to secure a mortgage.
EXACTLY And in other places I'm sure they require certain other kinds of insurances which are not included in the standard homeowner's insurance and can ONLY be bought from the government. To suddenly NOT allow it to be bought or renewed and yet require it ... And the next thing you know, the government is going to rail about folks not buying houses that are now easier to buy.
