But it's ok for the taxpayer to keep throwing away money??
This is an excerpt from today's WSJ:
"U.S.
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.
..."
