"As homeowners around the nation protest skyrocketing premiums for federal flood insurance, the Federal Emergency Management Agency has quietly moved the lines on its flood maps to benefit hundreds of oceanfront condo buildings and million-dollar homes, according to an analysis of federal records by NBC News..." http://www.cnbc.com/id/101423117
If people are careless/stupid enough to build homes in flood plains or coastal areas, they should assume the FULL risk of all water/storm damage... NOT be subsidized in any way by government/taxpayers.
My tax money bailed out New Orleans and bails out all areas of Florida about every 4 years (rich and poor). The supposedly "rich" areas of the Jersey shore are still in shambles thanks to Sandy and insurance is paying .10-.30 on the dollar to "rich" people who lost their homes and belongings. Tired of the attack on the "rich". The "poor" get too many entitlements as it is. They have no incentive to work and better themselves anymore. All thanks to the "rich" paying taxes. The one problem I have is in recurring flood zones that flood 2-3 times a year. Those people should not continually get taxpayer relief.
I thought people paid insurance for that? or do the insurance companies not want to pay up when something happens?
That kind of talk doesn't attract viewers or win votes. LOL, therefore you'll continue to hear the attacks on the rich.
Flood insurance is one of the biggest scams going. They usually pay out pennies on the dollar. Thankfully my house is about 15-20 feet elevated above the mandated FEMA flood zone and 200+ ft to the water line from my backdoor, but many others aren't as lucky. They have to raise their house on stilts (which costs anywhere from 50-200K depending on house size) or pay an OBSCENE yearly flood insurance rate (which as I've said, isn't worth the paper its printed on when it comes time for the insurance company to pay out on a flood). I don't even have flood insurance. If my house gets washed away, it would probably be the worst natural disaster in human history so really no point in paying for it.
"Attacking the rich" is a ploy of the Communist Left. Will always be in favor. Ne'er-do-wells, lazy, parasites, are always envious/jealous... easy for immoral, greedy, power-hungry scumbag politicos to endorse... the ploy will never go away.
This is what happens: Sandy damages my home so I file an insurance claim with home owners insurance. Insurance company says it's flood damage, even tho there's a tree making a hole in my roof (flooding waters on my property weakened earth, so tree falls they tell me). I go to file flood claim, they say it's wind damage, not flood damage. Neither wants to pay for my claim so in the mean time, I have to take out a loan to fix the house and make it liveable again (damage was almost 100k to roof and structure plus got mold issues still). The only company that stepped up was auto insurance that totaled my car but got less than book value...(yea!) Insurance companies (like the gov't) are a bunch of scumbags trying to screw you over.
---Should your insurance premiums cover people that live on oceanfront properties?-- it shouldn't,but it will. my insurance tripled in less than 5 years and i almost guarantee you another 50 % rise after this winter on other hand-risks on oceanfront properties should be in the price of the policy. i don't know how much this property cost to insure,but i expect that it would be much higher than 'regular' house on the hill.i'm wrong? FEMA can move their lines or maps all day long,but it should be up to insurance company to calculate the risks and charge owners accordingly. problem is (and it's everywhere,in trading too) that the companies and gvt are now acting as one. corporatism at their best. on every level,in every field. so much for a democratic leader of free world,mentoring others on how to live and what to do..no wonder that rest of the world hate US. i'm still under impression of how US did pull cold war card ,war on communism and proclaiming itself as a leader of free world with a straight face,having a separate schools,toilets or buses for blacks back in 50's-60's