While this idea seems good,it would encourage construction of homes and property in a known path of destruction, without penalty. Everyone would build on the railroad track, because you could get insurance to cover the loss everyone knows is coming. It is insane that we now build multi million dollar structures at shoreline, and think nothing is going to happen. It would get worse. Secondly, it would penalize prudent people who had the good sense not to build on the railroad track. Houses would sprout on the San Andreas Fault. The last issue is that anytime the government gets into the picture, costs go up. No government body can operate efficiently as a commercial company. We would all pay thru the nose, either as higher premium or higher taxes to pay for government participation.
While this idea seems good,it would encourage construction of homes and property in a known path of destruction, without penalty. Everyone would build on the railroad track, because you could get insurance to cover the loss everyone knows is coming. It is insane that we now build multi million dollar structures at shoreline, and think nothing is going to happen. It would get worse. Secondly, it would penalize prudent people who had the good sense not to build on the railroad track. Houses would sprout on the San Andreas Fault. The last issue is that anytime the government gets into the picture, costs go up. No government body can operate efficiently as a commercial company. We would all pay thru the nose, either as higher premium or higher taxes to pay for government participation.
We all know how TRIA is screwed up.
Now itlooks like \”big brother\” wants to get into the E&S business.