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Old November 1st, 2012, 07:18 AM   #51
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Originally Posted by whiterhino View Post
In true disaster zones? No
But I wouldn't call New York & surrounding areas disaster zones. This was a rare occurance versus living in below sea level New Orleans.
My comment was more about the ocean front housing, not so much NYC. Did you read the article in the link?
Well, people take the risk, because our government encourages us to take it. I know all about this, because I did it myself.
In 1980, I bought some beachfront property on Long Island, N.Y., and built a house there. It was a big investment for me. The down payment took just about all of my savings, and I knew what can happen to people who build on the edges of oceans. But I took the risk because the government made me a promise.
People building on a beach or in flood plains or anywhere for that matter should have to pay fair market prices for insurance and not be subsidized by the taxpayer. The government should not be subsidizing insurance at all! At the very minimum, anyone who currently has subsidized coverage on dwellings should be weaned off the government teat by attrition. They get one shot coverage. If their house gets damaged they get a one time payment to do as they please. Rebuild or move. If they rebuild they are on their own and at the mercy of the free market rates.
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