weaponoffreedom
Elite
This is not aimed to be a heartless post.
It seems like every couple of years, a Hurricane comes out and destroys vast areas in the gulf and Atlantic seaboard. Question is, does it seems reasonable to continue for these areas to be rebuilt? Or should they be built to a high standard to withstand the natural weather in the area?
Understand, that at one time, I was thinking about moving out to the Outer banks of NC. In speaking with the local realtors i found out that homeowners insurance and business property insurance is no more than my current property, way way inland. I asked, "how can this be".......the reply was, insurance is regulated and there fore they cannot charge the residents of the Outer Banks for anymore than rebuilding costs. They do not take into consideration Hurricanes for example, or that the Outer Banks have been eroding for years and 100's of millions have to be spent in repair each year, no matter if there is a Hurricane or not. Effectively, the only industry in the Outer Banks is fishing and tourism. Fishing is good for everyone and is a good cause, but tourism? I think not. Seems like a big waste of someone else's money.
With some more investigation, I find that the bill is fit by everyone collectively. In other words, the home owner in Las Vegas, NV, which never has any natural disasters such as hurricanes or tornadoes, fits the bill in their insurance bills to rebuild their areas.
Should this continue?
It seems like every couple of years, a Hurricane comes out and destroys vast areas in the gulf and Atlantic seaboard. Question is, does it seems reasonable to continue for these areas to be rebuilt? Or should they be built to a high standard to withstand the natural weather in the area?
Understand, that at one time, I was thinking about moving out to the Outer banks of NC. In speaking with the local realtors i found out that homeowners insurance and business property insurance is no more than my current property, way way inland. I asked, "how can this be".......the reply was, insurance is regulated and there fore they cannot charge the residents of the Outer Banks for anymore than rebuilding costs. They do not take into consideration Hurricanes for example, or that the Outer Banks have been eroding for years and 100's of millions have to be spent in repair each year, no matter if there is a Hurricane or not. Effectively, the only industry in the Outer Banks is fishing and tourism. Fishing is good for everyone and is a good cause, but tourism? I think not. Seems like a big waste of someone else's money.
With some more investigation, I find that the bill is fit by everyone collectively. In other words, the home owner in Las Vegas, NV, which never has any natural disasters such as hurricanes or tornadoes, fits the bill in their insurance bills to rebuild their areas.
Should this continue?