09-16-2017, 11:29 AM
City: st pete
Vessel Model: 430 Mainship
Join Date: Sep 2016
Originally Posted by Wxx3
But it's ok for the taxpayer to keep throwing away money??
This is an excerpt from today's WSJ:
One House, 22 Floods: Repeated Claims Drain Federal Insurance Program
As they tally up hurricane losses, government officials are looking for ways to step up purchases of frequently flooded houses, which have become a huge drain on the federal flood insurance program.
By Ruth Simon | 1387 words
Brian Harmon had just finished spending over $300,000 to fix his home in Kingwood, Texas, when Hurricane Harvey sent floodwaters “completely over the roof.”
The six-bedroom house, which has an indoor swimming pool, sits along the San Jacinto River. It has flooded 22 times since 1979, making it one of the most flood-damaged properties in the country. Between 1979 and 2015, government records show the federal flood insurance program paid out more than $1.8 million to rebuild the house—a property that Mr. Harmon figured was worth $600,000 to $800,000 before Harvey hit late last month.
“It’s my investment,” the 49-year-old said this summer, before the hurricane.
“I can’t just throw it away.”In years past, he had considered a buyout from local officials seeking to purchase often-flooded properties. Now, he finally wants to get out. “I never want to go through this again,” said Mr. Harmon, who bought the house in 1995.
Seems like when govt gets involved, this is what you get. A total waste of taxpayers monies. If a house is that prone to flooding, the insurance premiums should reflect that. If one buys in that kind of environment they should self insure or pay reasonable premiums. It should NOT come from the govt.