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When we finally stop subsidizing the costs to rebuild something that mother nature doesn't want there, people will realize. Perhaps if people who value ocean views and flood plain living had to pay the full cost of those decisions, they wouldn't choose to live there anymore.
Do I think people will move just because everything they own is at constant risk of destruction and perhaps even their own lives? No.
Does anyone know of any insurance companies that specialize in only covering those who do not live in those areas? Perhaps smaller regional insurance companies just do by default. Erie Insurance has a smaller footprint, however it does reach into North Carolina. Lower premiums because we don't cover those who choose to live in high risk areas.
I live in the area and to me "Rust Belt" is very specific places with a fairly small % of the great lakes region's population. Areas within the city of Detroit, Flint, Youngstown, areas of the city of Cleveland, some other industrial areas.
Most people living in the great lakes region have nothing to do with rust belt economy and downtrodden living.
I've been through 7 hurricanes and a couple tropical storms, almost lost everything once, there's another storm in the gulf, and I still wouldn't want to move to Cleveland.
They are referring to "major" hurricane which is defined as a hurricane that is Category 3 or higher that makes landfall at that level or higher. That doesn't mean that hurricanes lower than level 3 haven't made landfall in the last 12 years, several have.
You're off though. Hurricane Ike in 2008 and Superstorm Sandy in 2012 (a Tropical Storm that fused with a Blizzard Storm) were two of the ten most costly natural disasters in America's history. Actually so was Hurricane Irene from 2011. They absolutely damaged areas of Greater New York and Greater Houston.
Last years Hurricane Matthew was a category 5 and while it weakened it still ended up killing over 500 people in North America, with a lot of people in the United States. It also knocked out electricity and power for weeks in the states it affected and it destroyed personal property and left some areas flooded. There have been several such storms since 2005, several, that have done damage in this manner. Hurricane Irene is another one. Many like that, where they weren't a level 3 or higher when making landfall but were destructive anyways. You're also only accounting for the contiguous 48 states and not taking into account other American territories in the Caribbean or Pacific.
Also earthquakes hit the United States several times a day, so no, they're not rare. They're just the smaller magnitude ones, which is actually bad because those small ones add stress on the fault lines they're on, that later becomes a more violent rupture.
There was a magnitude 5.3 earthquake just 3 days ago in the United States.
Living somewhere that has a very small chance of a major natural disaster is a HUGE thing for me to consider when moving places. I couldn't nor wouldn't want to live in Florida where hurricanes are common, or live in Oklahoma where tornadoes are a constant risk, etc. Going to bed at night knowing you're safe and sound puts the mind at ease, so therefore living in places like the Great Lakes gives peace to the mind.
When we finally stop subsidizing the costs to rebuild something that mother nature doesn't want there, people will realize. Perhaps if people who value ocean views and flood plain living had to pay the full cost of those decisions, they wouldn't choose to live there anymore.
Do I think people will move just because everything they own is at constant risk of destruction and perhaps even their own lives? No.
Does anyone know of any insurance companies that specialize in only covering those who do not live in those areas? Perhaps smaller regional insurance companies just do by default. Erie Insurance has a smaller footprint, however it does reach into North Carolina. Lower premiums because we don't cover those who choose to live in high risk areas.
Check out the Farm Bureau Insurance company operating in your state. They are all either single state or small regional insurers. For example, Indiana Farm Bureau Insurance only insures property in Indiana, so there's almost no exposure to these huge disaster risks, and their customers aren't saddled with the crazy insurance rates either.
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