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Old Posted Sep 21, 2019, 1:31 PM
iheartthed iheartthed is offline
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Join Date: Oct 2009
Location: New York
Posts: 5,001
Originally Posted by Shawn View Post
You have 100+ year old billion dollar insurance conglomerates, whose only functions are to make institutional investors money and who have been damn good at doing so for a century and counting, refusing to insure coastal properties in places like Florida. These companies, who are the absolute best at predicting long-term risk trends, have decided that the likelihood of coastal flooding is now so high, it is no longer reasonable in a fiduciary sense to insure against. Because it would lose them money.

That is all you need to know to understand that this is not just a case of increased media cycle exposure rates. When the Progressives, Allstates, and Liberty Mutuals (and the Pentagon, for that matter) say "this is getting serious", it's serious.
The National Flood Insurance Program is, IMO, the culprit. Banks would never make loans for properties that could not be insured, which would put a stop to almost all home construction in vulnerable areas. But the federal government stepped in to insure where the private market won't, which is probably led to people building/buying home in places where houses should not be built.