Next thing you know, we'll have to pay for their Jorts!

#1
volinbham

volinbham

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#1
National Catastrophe Fund seeks to spread costs of insurance across all states.

Hurricane Season Highlights Insurance Problems

The catastrophe fund would function similar to the existing federal flood insurance program, Armstrong explained. He believes the fund could stabilize homeowner insurance for residents.
The risk would be spread out among all states, Armstrong added, which he thinks makes sense since 48 states are prone to disasters of one type or another, including hurricanes, earthquakes or floods.
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Glad I can help lower the homeowner insurance rates for those on the coast!

What say you?
 
#2
#2
This is a horrific idea . . . but in all actuality you are already sharing in the cost of insurance on the coast since no matter who you are insured with since chances are they are reinsured by a company that is also reinsuring coastal exposure somewhere.
 
#3
#3
Nobody is forcing them to live on the coast and nobody is forcing the insurance companies to insure them.

This is insane... they might as well force me to pay insurance for a drunk driver.
 
#4
#4
VolsNSkinsFan said:
Nobody is forcing them to live on the coast and nobody is forcing the insurance companies to insure them.
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That's the whole point. Nobody forces insurance companies to do business in Florida so they many rely on a state run program to provide access to "affordable" insurance. That's how they got into this mess.
 
#5
#5
The article didn't say which two states weren't prone to disasters. I want to move there.
 
#6
#6
As part of my fellowship in my first year, I got to go to dinner with Robert Solow with some other students one night. He spent some time talking about this kind of stuff - particularly how insurance can encourage at-risk behavior (to some degree). Along with this, we discussed how much of the burden one should bear when choosing to live in risk-prone areas. I never did get a sound idea of exactly what his opinions were as an economist...but I got the feeling he didn't like it :).

It would be hard for me to accept shouldering the burden of someone who chooses to live in a very at-risk area (let's say, below sea level in an area prone to hurricanes...). I would be willing to revise that somewhat if the risk is something new and unexpected...
 
#7
#7
Apparently, flood insurance works this way but theoretically many more places are prone to flooding than hurricanes or other national disasters.

Overall though, I'm most upset that no one gave me credit for the outstanding thread title :)
 
#8
#8
volinbham said:
Apparently, flood insurance works this way but theoretically many more places are prone to flooding than hurricanes or other national disasters.

Overall though, I'm most upset that no one gave me credit for the outstanding thread title :)
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Crap...this was a huge oversight on my part. Kudos, vinbham.
 
#15
#15
Thats interesting, I look at it the same way OBW. screw that, im not paying for UHC. :)
 
#16
#16
myrobbins7 said:
Thats interesting, I look at it the same way OBW. screw that, im not paying for UHC. :)
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Helping people pay for things like overpriced chemotherapy is a little different than helping people build a new and improved beach house.
 
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