THE COLOR OF MONEY
Cover yourself against flooding
By Michelle Singletary | May 14, 2006
It's hard to forget last year's hurricane season and the lessons we all should have learned from it.
One of the chief lessons for both homeowners and renters: Consider getting flood insurance.
Here are two facts I bet you didn't know: Floods occur in all 50 states. And most homeowners insurance does not cover flood damage.
Aghhh! One lesson we need to learn is that we are STUPID!
OK, follow along kiddies. Hey Mommy Government treats like you are too stupid to run your own life. Why shouldn't everyone?
Where does most flood damage occur?
For those who went to gummamint skoolz, it's the coast line.
Who lives on the water?
For those of you who have not looked into or dreamt about buying something on the "water", it's rich people.
What happens when a disaster happens?
For those of you lucky enough to not to have had this happen, the government cuts a check and you rebuild.
What happens after you rebuild?
Get another flood insurance policy and wait for another disaster. Most people when they rebuild build something better.
Who pays for the flood insurance program?
Everyone who buys it and the taxpayers.
What if you never have a loss?
You're among the losers in this game of rich people's roulette!
What if you're a poor slob, who can just barely afford life?
You might not buy flood insurance and cross your fingers.
So the taxpayer and the dummies who buy flood insurance and never collect pay for rich people to build and rebuild every better houses in dangerous areas.
Solution is simple. End this form of welfare. End federal flood insurance. If insurance is desired, the marketplace will provide it. If no one wants to insure that risk, (i.e., a New Orleans mansion next to the old flood wall), then why should the taxpayer.
If you can't end it — government programs never die — like a vampire they're eternal, then restrict it to one check per location. Rebuild in the same spot at your own risk!
Seems simple to me?