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Message
re: Flood insurance rate increases
Posted on 3/19/15 at 11:55 am to stevengtiger
Posted on 3/19/15 at 11:55 am to stevengtiger
Insurance provided by the federal government. Based on maps put together by the federal government. Big banks and the federal government helping each other out.
Sounds legit.
I hope you understand this is a subsidy for people to live in disaster prone areas. That is all it is. Republicans/Red State Louisiana highly support it but don't realize it is a subsidy. Those same people scream about handouts to everyone else. I also hope everyone's rate increases enough to where taxpayers do not have to foot the bill for people who choose to live in flood prone areas.
Sounds legit.
I hope you understand this is a subsidy for people to live in disaster prone areas. That is all it is. Republicans/Red State Louisiana highly support it but don't realize it is a subsidy. Those same people scream about handouts to everyone else. I also hope everyone's rate increases enough to where taxpayers do not have to foot the bill for people who choose to live in flood prone areas.
This post was edited on 3/19/15 at 11:56 am
Posted on 3/19/15 at 1:44 pm to lsu13lsu
quote:
I hope you understand this is a subsidy for people to live in disaster prone areas.
That is exactly right. That is how insurance works. Knocking on wood, I have not had an auto claim with state farm since beginning to drive. I am subsidizing all other drivers who do have claims. That is, by design, how insurance works. The problem is that the values that lay in coastal/flood areas are so high, nobody wants to ensure it. I just wonder what the landscape of business would be in those areas without the fed backing up loans for property.
Posted on 3/19/15 at 2:23 pm to lsu13lsu
quote:
I hope you understand this is a subsidy for people to live in disaster prone areas. That is all it is. Republicans/Red State Louisiana highly support it but don't realize it is a subsidy. Those same people scream about handouts to everyone else. I also hope everyone's rate increases enough to where taxpayers do not have to foot the bill for people who choose to live in flood prone areas.
Most of those flood prone areas are not in the south, and if the NFIP didn't exist you would have no economic activity along the entire coastline of most major rivers in the US.
The NFIP began due to frequent flooding in Midwestern states from the Ohio and Mississippi rivers like Wisconsin, Illinois and Iowa, and not coastal flooding.
The primary function of flood insurance is to facilitate commerce where economic investment would not otherwise occur, like within 50-100 miles of a major river.
FYI, as an insurance program, the NFIP has been profitable over its existence (premiums collected exceed claims paid) but the annual surpluses have been plundered by the Treasury to waste on other programs (similar to the Social Security trust fund).
We citizens now get to replace the stolen surplus.
Posted on 3/19/15 at 2:31 pm to lsu13lsu
quote:
Insurance provided by the federal government. Based on maps put together by the federal government. Big banks and the federal government helping each other out.
Sounds legit.
I hope you understand this is a subsidy for people to live in disaster prone areas. That is all it is. Republicans/Red State Louisiana highly support it but don't realize it is a subsidy. Those same people scream about handouts to everyone else. I also hope everyone's rate increases enough to where taxpayers do not have to foot the bill for people who choose to live in flood prone areas.
You do understand every year there are major floods in areas all across country that "haven't flood in 200 years etc" ...
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