Very true

Bold of you to assume that the coral basin of Florida an Louisiana would not let water bubble up from the soil as it rises.

You just reminded me that there's a version of Pandemic inspired by this, it's actually really fun

You have a right to live there. I have no problem with people living in these areas.

What I disagree with is the expectation that the rest of society pay for that right when it’s an area that you know will get damaged.

With insurance (not that I’m in favor of private enterprise profiting off your potential for catastrophe) that cost was spread out over you and your neighbors, maybe even some of the rest of the insurers customers, with increased premiums.

But if you choose to stay in a known disaster-prone area where homes are expected to be wrecked fairly regularly, society (the taxpayer) shouldn’t be on the hook for that.

(I say “fairly regularly” I don’t mean someplace that might get a random tornado, but places that are regularly impacted by hurricanes such as the East/southeastern coastal areas, flooding along the Mississippi, etc.)

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.

In most cases it is. And since the insurance company won't insure the property basically becomes unsellable

There are areas that will be much worse. In Minnesota we will see some issues but trust me, we basically won’t see massive flooding. The tornadoes might and probably will get worse but we won’t see entire towns removed because of flooding or massive fires. Iowa, North and South Dakota, Wisconsin will also be fine.

It’s low lying coastal area that will get crushed. Also going to (for example) the East side of California could be problem areas. We will have to live in a smaller section of area.

Not sure who downvoted you though

You're completely right. Many people are about to get totally financially ruined at a minimum. There's going to be a lot of climate refugees from these areas who've lost everything.

Eventually someone is left holding the bag on any house really. Unless the property increases in value past the value of the house, then it can be torn down and a new house built while keeping the price comparable to other nearby homes.

Herrera shopped around for a new plan, but he struggled to find a policy. Louisiana Citizens, the insurer of last resort for property owners in the state, was out of the question. It would have cost more than $7,000 annually. Herrera eventually found a policy with a small company in the state that charged him $4,930 annually — a 208% increase from what he paid in 2022.

There were at least 2 options $5000–$7000. Sell to someone at a discount with the understanding that buyer is willing and able to bear at least $5000 in annual insurance costs. Do this before its actually uninsurable.

That's why I included the option to sell to the government (kind of like a voluntary eminent domain program).

Presumably state laws prohibit discrimination, so their only choice is to cover everywhere in the state or nowhere