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Interesting that liberals and tea party members are in favor of ending taxpayer subsidies on flood insurance. While conservative mainstream republicans are attempting to halt/stall the end to subsidies.
"Some of the most ardent supporters of delaying the premium increases are conservative Republicans from Southern states, where the new rules have sent some home values plummeting because of uncertainty over insurance rates and because subsidized rates can't be passed along to buyers. New flood maps threaten to saddle some homeowners who are paying a few hundred dollars a year now with annual premiums of more than $20,000."
Should we be encouraging people to build in high risk ares with taxpayer subsidies? Or enabling existing homeowners by mitigating their exposure to risk?
Really no different than crop or other insurance. Actually much of the areas near rivers flood historically more than coastal areas. No one would write to insure many flood zoned areas thru out the country. sandy which was more or less a tropical storm when it hit NE showed just how far behind say NE they are in coastal areas building standards. Rememebr that in the 1900 storm that Galveston raised the entire city by like 19 feet which still amazes.
Really no different than crop or other insurance. Actually much of the areas near rivers flood historically more than coastal areas. No one would write to insure many flood zoned areas thru out the country. sandy which was more or less a tropical storm when it hit NE showed just how far behind say NE they are in coastal areas building standards. Rememebr that in the 1900 storm that Galveston raised the entire city by like 19 feet which still amazes.
Right understood how these subsidies came to be. And very similar to other subsidies, I agree.
But , when will we as a nation accept the fact that both political parties are incapable of acting in a fiscally responsible fashion? And I'm certain there are more than a couple libertarians who will fight to retain these subsidies when they find out their flood insurance is going to cost $20K annually and their home becomes unsaleable.
To me this article illustrates the complete hypocrisy of ALL political platforms.
Fiscal responsibility means that if society wants to make a change in its policies and priorities, it doesn't put the cost of that on the shoulders of a few.
I believe that the people who smoke cigarettes should pay the cigarette taxes, people who own real estate should pay real estate taxes, and people who are in the flood zones should pay for their own flood insurance. The trouble with government subsidies is that they are great for some people--at the expense of all others--but once the subsidies end, the people receiving the subsidies start complaining.
I feel sorry for the people who woke up and found out that their flood insurance cost would be astronomical--I was almost one of them but decided to buy on a fresh water canal instead of a gulf access canal. My flood insurance, which wasn't mandatory, is only about $450 a year but it won't go up since it wasn't being subsidized.
I don't really see a good way out of this for the people in the affected flood zones--postponing the inevitable won't help much if they ever decide to sell their homes. Of course for people wanting to buy these properties, who pay cash and are willing to take a chance without flood insurance, will be the winners.
When I looked into this some months ago, those $20,000 figures in certain articles were commercial properties.
I know homeowners are also facing steep increases but none were that high.
Whenever a program is stopped...and I do think this is one that should be stopped....it's my personal opinion that it should be done in increments over a period of time appropriate to the raise.
If this cost raises the prices of prime ( read expensive) properties on the water then people should be prepared to pay them.
As with almost anything, the ones that object may not do so on a general basis but do when it's them it affects...same as the NIMBY mindset.
I believe that the people who smoke cigarettes should pay the cigarette taxes
why? I think they should pay for their own healthcare but I don't think they should pay into a general tax fund for politicians to waste on stuff people bribed them to pay for.
Interesting that liberals and tea party members are in favor of ending taxpayer subsidies on flood insurance. While conservative mainstream republicans are attempting to halt/stall the end to subsidies.
"Some of the most ardent supporters of delaying the premium increases are conservative Republicans from Southern states, where the new rules have sent some home values plummeting because of uncertainty over insurance rates and because subsidized rates can't be passed along to buyers. New flood maps threaten to saddle some homeowners who are paying a few hundred dollars a year now with annual premiums of more than $20,000."
Should we be encouraging people to build in high risk ares with taxpayer subsidies? Or enabling existing homeowners by mitigating their exposure to risk?
Discuss!
Tea Party folks live in Boston Harbor so they should be for flood insurance
Tea Party folks live in Boston Harbor so they should be for flood insurance
winner of least funny joke of the year? I know its early but this will get nominated.
the tea party would oppose government subsidized flood insurance because its pure government waste. its not up to the government to pick winners and losers in real estate. if someone doesn't want to pay the market rate for insurance, then they should live where its more affordable for them.
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Winners and losers
