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of course it's hugely subsidized. Most ppl with a shred of common sense don't build on a spit of land no wider than a few football fields and assume all the responsibility. I remember John Stossel doing a 20/20 piece on this topic. He had a fancy house in the Hamptons that was damaged a few times and he had no worries because the govt. covered it. He was asking a govt watchdog - "is it right for people like me to assume almost no responsibility when I build a big house right on the beach?" He knew how absurd it was but was just playing by the rules.
My SIL has a condo on the beach on LBI and they are insured by Lloyd's of London. Is that in any way subsidized by the gov? Anyway, my homeowner's has gone up substantially since Sandy/Irene, and we didn't have a drop of water. Those affected by Sandy with insurance I'm sure love socialism now!
My SIL has a condo on the beach on LBI and they are insured by Lloyd's of London. Is that in any way subsidized by the gov? Anyway, my homeowner's has gone up substantially since Sandy/Irene, and we didn't have a drop of water. Those affected by Sandy with insurance I'm sure love socialism now!
Then she's not doing something right or maybe it just applies to detached homes.
My SIL has a condo on the beach on LBI and they are insured by Lloyd's of London. Is that in any way subsidized by the gov? Anyway, my homeowner's has gone up substantially since Sandy/Irene, and we didn't have a drop of water. Those affected by Sandy with insurance I'm sure love socialism now!
We use Lloyd's too. They are the only company who would insure us right on the beach. We pay through the nose in spite of the fact that we have never had any damage. So my question is, if it was subsidized, wouldn't everyone want to insure us?
socialism isn't what allowed most of them to afford that home on the water.
Cmon, didn't the housing/Wall Street collapse of 2008 teach you anything? The rich have it so awesome in this country that they can privatize their gains and socialize the losses. Thank Congress & fat donations for that.
For the NFIP policies there is a $250K max policy on structure. So those million dollar homes wouldn't have been fully covered by this program. Additionally, I have only heard of 1 person who lost their house that collected the full amt from their flood policy. The policies are not covering full damages even for people that lost their homes.
I didn't know Lloyds was offering flood insurance prior to this year. I know they were one of the only companies to offer homeowners for homes on the water in the past few years.
Deal is probably the only place we have in this state that comes close to the Hamptons, in look at least. I was just driving through there Memorial Day, for a beach town there is so much grass, those gorgeous homes have well manicured and well kept lawns. It is so green. Driving through Deal is a nice experience.
Deal is probably the only place we have in this state that comes close to the Hamptons, in look at least. I was just driving through there Memorial Day, for a beach town there is so much grass, those gorgeous homes have well manicured and well kept lawns. It is so green. Driving through Deal is a nice experience.
Meh...i think it's no big deal.
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