2024 Tropical Weather Thread

Rickboy said

Nope not one bit.

BUT, what it will do is cause people to reassess risks. The VAST majority of those in NC have no flood insurance. They’ll either have to have a federal level bailout, pass on rebuilding, or go bankrupt, etc., etc…

One thing that I think can come out of this is a new requirement for everyone to get national flood insurance.

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I think what we need is National Disaster Insurance subsidized by the feds that covers all sorts of natural disasters from flooding, wind, mud slides, landslides, tornados, blizzards, bomb cyclones, etc. That way there is no issue regarding what is or is not covered. Then Homeowners insurance can go back to being for premises liability and things like regular house fires. This should lower the price associate with both.

This also would spread the risk of these things across society which is the point of government and to some extent tort law and insurance.