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this post was submitted on 31 Mar 2024
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They could form a co-op and insure each other. Except the insurance companies bought state legislators (at rock-bottom prices!) and made that illegal.
¯\_(ツ)_/¯
I like when people think outside of the box
but let's think about that concept.
you , myself, and 22 others live in a high risk flood zone. the insurance companies won't insure us because of the high risk.
if we (the 24) try to insure ourselves, there is no way to gather enough premiums to offset the losses.
think about it, the insurance companies will insure LARGE numbers of homes. then use the premiums to pay for losses on a few of those homes. so when someones house burns down or gets destroyed by a flood there is money in the bank to cover the loss. but since it is a smaller number of people putting in premiums, there is a smaller amount of money in the pot to cover the loss.
all the homes are in a high risk flood zone, it wouldn't take much for all the homes (in the co-op) to be destroyed in the same flood to wipe out the pile of cash and not have a way to rebuild.
i like your idea but the end result makes in a solution that just won't work. sorry.