this post was submitted on 28 Sep 2024
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Time to socialize the losses
That was already done over fifty years ago through the national flood insurance program, NFIP.
PSA: If you are in a flood prone area, your lender may require you to purchase flood insurance. But did you know that some communities will argue against changes to the flood maps that would show them as being in a flood prone area? This means you may be at a higher risk for flooding than the federal maps would suggest. You can still buy flood insurance through the NFIP, though.
Here's a "myths and facts about flood insurance" page from FEMA: https://www.fema.gov/press-release/20230425/fact-sheet-myths-and-facts-about-flood-insurance
Last I checked, the food insurance was ridiculously expensive if you actually wanted to cover the full rebuild cost of your home. It wasn't financially wise to get the insurance.
On top of that, when so many people get flooded in an event like this, everyone who does restoration work is able to raise their prices due to supply/demand. There's no winning.
NFIP insurance is pretty limited, I think $250k structure and $100k contents. It also doesn't cover things like additional living expenses, which would include a hotel while you're displaced. It's also often your only choice, though. It's something that every home owner needs to consider for themselves based on the flood risk of their area.
People have lost their homes. Please keep your political bickering out of this.
People die to shootings: "People have died! Nows not the time for politics."
I don't like that logic there, and this is exactly the same. It's always the time for politics, because when people are engaged is the best time to change their minds.
Because "Time to socialize the losses " is definitely a well thought out statement designed to start a constructive conversation and not just a plain old ignorant statement.
It's an accurate assessment of the system we have here in the US. We privatize the gains, and socialize the losses. Not the original commenter's fault that they can recognize a stacked deck.