Maybe we shouldn't build on barrier islands..... (houses, landscape, area)
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There will always be someone who wants to build on them, amazingly. I dont think desire to build on them will change but insurance will continue to be more and more expensive for waterfront property.
I'm all for letting people build on such locations, so long as they carry the burden of the risk involved. Is it a good idea to build there? I don't think it is, but someone might place a different value on the location and be willing to accept the price they pay.
I'm with darkeconomist. The only gray area that inevitably comes into the picture are emergency services that are required when people don't evacuate when instructed to do so. Then expensive and dangerous rescues are required in the midst of horrendous situations.
I'm with darkeconomist. The only gray area that inevitably comes into the picture are emergency services that are required when people don't evacuate when instructed to do so. Then expensive and dangerous rescues are required in the midst of horrendous situations.
Perhaps municipalities should require homeowner insurance which includes covering government search and rescue costs, just as it covers other unpredictable emergencies?
Perhaps municipalities should require homeowner insurance which includes covering government search and rescue costs, just as it covers other unpredictable emergencies?
Makes sense, but the insurance companies probably wouldn't do it because they could be open to litigation from rescuer injuries or deaths (including potential lawsuits). I like the concept though. Perhaps tax revenues need to be adjusted since it's typically the locality or state that conducts the search/rescue?
Accountability is obviously an issue and pure bailout without reprocussion is not always good
Maybe different structure in the rebuild
Just looking at Jersey and the shore the real estate is really pricey
A sampling of some towns hit hard
Spring Lake median house value 938K (and remeber that isnt all beachfront)
Avalon NJ median 973K
Stone Harbor NJ 973K
Ocean City NJ 609K
Harvey Cedars NJ 865K
now there are cheaper places but there is far too much money in real estate and tourism to not rebuild
No pity for anyone that wants to do so, But when your house gets washed away you need a $10k fine for littering when your house is washed up and down the coastline. and don't be on TV crying the blues... you knew the risk. and their is no man made global climate change...
No pity for anyone that wants to do so, But when your house gets washed away you need a $10k fine for littering when your house is washed up and down the coastline. and don't be on TV crying the blues... you knew the risk. and their is no man made global climate change...
My understanding is that it's FEMA and I guess homeowner's insurance that is going to cover the bill for individual homes to be repaired or rebuilt. Actually, I'm not sure how it works when it is covered under flood insurance.
For the "frequently flooded" program that I mentioned above, FEMA pays for most of the cost of either demolishing or elevating a home, the homeowner pays 10 % . That's in Florida, I don't know if it differs by state.
Stories like the one I have linked to below, bother me. In this case, about 3.2 million of FEMA money is being used to provide elevation for 10 expensive homes and one office building in a chi-chi Florida neighborhood.
"In the peninsula-town of Sewall's Point, the median home value is about $750,000. One in every seven houses in the lushly landscaped community sits along the water.
So, naturally, the town took some heat this month when it announced it was getting $3.2 million from the Federal Emergency Management Agency to increase the elevation of 10 flood-prone homes and one flood-prone office building within its limits.
The $3.2 million grant is coming to the town through FEMA's Repetitive Flood Claims program and paid for with federal flood insurance premiums. " Aug 12 2012
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