Why Coastal Living Is Becoming Affordable for Only the Rich

By | April 24, 2018

  • April 24, 2018 at 11:33 am
    PolarBeaRepeal says:
    Well-loved. Like or Dislike:
    Thumb up 28
    Thumb down 5

    If coastal property owners aren’t paying fair premium rates; i.e. are subsidized by NFIP and US taxpayers, then they aren’t paying fair value for their coastal living lifestyle. If US taxpayers are paying anything to subsidize such private ownership, there is a wealth transfer from the poorer and middle classes to the rich which should be ended, one way or another. One way is to end NFIP subsidies from US taxpayers to highly exposed coastal properties. The other way is to eliminate NFIP by phasing it out over time, with local municipalities buying out coastal and other flood risk properties to then convert them to parks for PUBLIC use.

    My prior comments on eliminating or reducing the reach of NFIP stand as previously stated on IJ.

    • April 24, 2018 at 4:46 pm
      Caroline Horn says:
      Like or Dislike:
      Thumb up 8
      Thumb down 0

      Coastal properties are not the only properties in the country at risk for flooding. One needs only to look at hurricane Harvey to see the effects of flooding in non-coastal communities. The wealthy homeowners are typically “self-insured” because they can afford to purchase their homes without a mortgage, and therefore are not required to carry flood insurance. It is working class people in coastal communities–the service industry, teachers, police, small business owners, fisherman–who are most adversely affected by high flood insurance premiums. If everyone in the country who lives in a flood hazard zone, including those in riparian zones, were forced to carry flood insurance by their mortgage lenders, as those in Florida are, the rates would be more fair fore everyone and the risk that the NFIP bears would be greatly reduced.

      • April 24, 2018 at 7:52 pm
        Dave says:
        Like or Dislike:
        Thumb up 7
        Thumb down 0

        If you’re implying that “rich” people are not buying insurance because they don’t have to and can afford to self-insure because they are “rich” you are wrong. Most rich people are that way because they have been smart with their money and to not buy insurance at subsidized rates is clearly dumb. They are buying the insurance, on the backs of less fortunate taxpayers.

    • April 24, 2018 at 5:21 pm
      Jack says:
      Like or Dislike:
      Thumb up 6
      Thumb down 2

      Polar-
      1.Show me a single poor person paying taxes that get “transferred” to the rich.
      2. “with local municipalities buying out coastal and other flood risk properties to then convert them to parks for PUBLIC use.” – What? Spend more of the poor peoples taxes to buy the rich people’s homes like in NJ?

      • April 24, 2018 at 7:02 pm
        PolarBeaRepeal says:
        Like or Dislike:
        Thumb up 9
        Thumb down 3

        Jack;

        1. I never said there was a transfer from poor to others. The poor do not pay Federal Inc Tax. The poor do not pay large property taxes on run down beach homes.

        2. I will continue to advocate that municipalities buy flood risk properties and convert them to parks, etc. rather than continue the inefficient cycle of flood, rebuild, flood, rebuild, flood, rebuild…. at the ONGOING expense of other property owners and Federal taxpayers via NFIP.

        • April 24, 2018 at 9:25 pm
          Jack says:
          Like or Dislike:
          Thumb up 3
          Thumb down 10

          2. I will continue to advocate that municipalities buy flood risk properties and convert them to parks, etc. rather than continue the inefficient cycle of flood, rebuild, flood, rebuild, flood, rebuild…. at the ONGOING expense of other property owners and Federal taxpayers via NFIP.

          EVERY property is a flood risk JACKWAGON. Proof again you don’t have a clue!

          • April 25, 2018 at 2:49 pm
            PolarBeaRepeal says:
            Like or Dislike:
            Thumb up 2
            Thumb down 4

            Not every flood risk is a COASTAL risk, RABBITHOLEBURROWER. No coastal risks of any significant value are owned by the poor (not ‘poorer than the rich’ – a subtle demo group distinction); those would be owned by middle class people.

            Tell me why EVERY risk is a HUGE flood risk (vs a minor flood risk). Coastal risks are the subject of the article. Coastal risks are always considered to be huge risks (relative to other risks). If you want to discuss any such off-topic issue, find another such coincident article to do so.

        • May 2, 2018 at 11:43 am
          Agent says:
          Like or Dislike:
          Thumb up 0
          Thumb down 1

          Agree Polar. The poor mostly live in subsidized housing under HUD or some other giveaway housing.

    • April 24, 2018 at 7:48 pm
      Dave says:
      Like or Dislike:
      Thumb up 5
      Thumb down 3

      Well said Polar. And if higher rates provide disincentives to build or buy in “bad” areas, great.

      • April 24, 2018 at 9:26 pm
        Jack says:
        Like or Dislike:
        Thumb up 3
        Thumb down 7

        Dave- you don’t have a clue either.

        • April 25, 2018 at 2:50 pm
          PolarBeaRepeal says:
          Like or Dislike:
          Thumb up 7
          Thumb down 3

          Jack – you don’t have any manners.

          • April 25, 2018 at 8:01 pm
            Captain Planet says:
            Like or Dislike:
            Thumb up 7
            Thumb down 2

            Says the guy who has posted:

            MARCH 23, 2018 AT 9:39 AM
            DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
            LIKE OR DISLIKE:
            0
            1
            It’s another IJ story to bring out the George Sore-ass trolls

            MARCH 26, 2018 AT 11:08 AM
            PolarBeaRepeal says:
            LIKE OR DISLIKE:
            0
            0
            Don’t bother reading any of my posts. You wouldn’t understand them. Stick to Libitteral websites.

            MARCH 26, 2018 AT 9:16 PM
            PolarBeaRepeal says:
            LIKE OR DISLIKE:
            1
            0
            Accept responsibility for your actions, whiner.

            You don’t have any room to talk, Yogi.

          • April 25, 2018 at 9:58 pm
            UW says:
            Like or Dislike:
            Thumb up 5
            Thumb down 2

            Remember when you chased away multiple posters by threatening to chase them down with your IT department? You are hypocritical trash.

      • April 25, 2018 at 2:50 pm
        PolarBeaRepeal says:
        Like or Dislike:
        Thumb up 1
        Thumb down 3

        Correct.

    • April 24, 2018 at 9:51 pm
      UW says:
      Like or Dislike:
      Thumb up 2
      Thumb down 4

      Still with the stupid plan of having the government buy the coastal property, and subsidize the rich people who bought it in the first place. 9f course this would only apply in small conservative areas because it’s too expensive, even in a fantasyworld, of doing anywhere with any population size.

      Let’s see you put your pretend statistics degree to work:show how this works financially with just Houston. Ready, set, go!

      • April 25, 2018 at 2:55 pm
        PolarBeaRepeal says:
        Like or Dislike:
        Thumb up 2
        Thumb down 4

        You consider a plan to mitigate or eliminate risk, thus lower significantly the US taxpayer subsidies of high flood risk properties, to be a ‘stupid plan’? I consider your assessment to be naive and ill-informed.

        You consider the plan to buy coastal properties to subsidize the rich because you ASSUME the govt would pay a premium over market value? I consider such an assumption to be a Straw Man Argument or a miserable attempt to discredit my plan, which is supported by many creative thinkers and experienced property insurance pros.

        Let’s see you force me to comply with your request, which is based on a straw Man Argument that will lead the discussion down a rabbit hole. Ready, steady, … GO!

        • April 25, 2018 at 3:17 pm
          UW says:
          Like or Dislike:
          Thumb up 2
          Thumb down 2

          Government does not have to pay over market value to be subsidizing and socializing their potential risk.

          You can’t lay out even a basic outline for your “plan” in one city – it’s as fake as your statistics degree.

      • April 27, 2018 at 11:05 am
        TNReader says:
        Like or Dislike:
        Thumb up 4
        Thumb down 1

        Houston is a terrible example. The main issue with Houston is poor zoning laws and ordinances that have allowed houses to be built in flood zones, along with too much concrete and asphalt, for many years. Houston leaders even admit this, but they won’t change.

        My perspective is one of personal responsibility. If someone has built a house in a risky area, they should be responsible for paying a market rate for insurance, not rates subsidized by taxpayers. If they elect to not have insurance, FEMA should not bail them out either.
        I remember our neighborhood flooding in the 70s. Affected owners were offered low interest loans, with the expectation that the money would be paid back. Not handouts as are done now.

  • April 24, 2018 at 5:00 pm
    Craig Cornell says:
    Hot debate. What do you think?
    Thumb up 17
    Thumb down 12

    Wait. One paragraph talks about forcing out the poor who live in mobile homes. Later on, the article talks about “reverse gentrification” (which used to be called white flight).

    So which is it: climate change hates poor people or rich people run away from climate change?

    Geez. Class warfare forced into every story by left-leaning numb skulls.

    No one should build in flood zones unless they pay for their own insurance. Period. Get the government out of insuring bad decisions by anyone, rich or poor.

    Whining that poor people move out of areas that no one should live in anyway is ridiculous. If rich people want to overpay for insurance to live somewhere, let them.

    • April 24, 2018 at 7:04 pm
      PolarBeaRepeal says:
      Poorly-rated. Like or Dislike:
      Thumb up 2
      Thumb down 12

      Hidden due to low comment rating. Click here to see.

      • April 25, 2018 at 2:57 pm
        PolarBeaRepeal says:
        Like or Dislike:
        Thumb up 3
        Thumb down 5

        Prove me wrong, IJ. Let’s see some articles with both perspectives, liberal and conservative. I’d also accept only politically neutral articles.

        • May 1, 2018 at 1:21 pm
          UW says:
          Like or Dislike:
          Thumb up 1
          Thumb down 0

          Can you state exactly why you think this is a “liberal” article, published in a pro-business, center-right publication?

          If it was liberal it might state that the rich benefiting off these disasters should pay for them, and the places causing increased flooding due to climate change should pay for these externalities. Actually that suitors be traditional, center-right, textbook economics, but to the insane far righties here that counts as leftist.

  • April 24, 2018 at 5:17 pm
    Jack says:
    Like or Dislike:
    Thumb up 8
    Thumb down 3

    I’ll sit here and watch the idiotic comments from people that have never written a single policy, home or flood, on a home on the coast. Let it begin.

    • April 24, 2018 at 7:06 pm
      PolarBeaRepeal says:
      Like or Dislike:
      Thumb up 3
      Thumb down 3

      Writing policies has nothing to do with knowing the difference between sane behavior and insanity. For starters, insanity was previously defined by Einstein as ‘repeating a previously failed action, expecting a different outcome.

  • April 24, 2018 at 5:28 pm
    Jack says:
    Like or Dislike:
    Thumb up 3
    Thumb down 6

    FYI- Anyone suggesting everyone should have a flood policy , simply look at your health insurance premiums since Obama fixed that one.

    EVERY home built is in a flood zone. If you don’t know that already, you may want to educate yourself before bashing us people on the coast.

    • April 25, 2018 at 3:03 pm
      PolarBeaRepeal says:
      Like or Dislike:
      Thumb up 3
      Thumb down 4

      NO ONE HERE IS SUGGESTING ANYTHING OF THE SORT. … just another Straw Man Argument by someone who avoided the main discussion because there is no reasonable objection to a requirement that EVERYONE should pay FAIR ACTUARIAL RATES for their flood risk…. or get out of HIGH risk flood zones; e.g. coastal properties.

      NO ONE is discussing ALL property risks. READ THE ARTICLE AGAIN. hint; ‘coastal’.

      • April 25, 2018 at 4:09 pm
        Rosenblatt says:
        Like or Dislike:
        Thumb up 4
        Thumb down 1

        Hmm….you claim someone is avoiding the main discussion. Interesting. I’ve been waiting for your reply on another article which you said you’d do, but it seems like you’re avoiding that discussion and posting consistently on this thread instead. Do you have any genuine interest in discussing the other thread like you originally said you did?

        https://www.insurancejournal.com/news/national/2018/04/24/487147.htm/?comments

  • April 24, 2018 at 5:50 pm
    Jack says:
    Like or Dislike:
    Thumb up 3
    Thumb down 1

    I just sat here and looked at a flood renewal for a home downtown Charleston SC that in 2008-09 was $2100 , the renewal 2018-19 $8400 , there’s your fair share from the rich.

  • April 24, 2018 at 5:51 pm
    Sherm Smith says:
    Like or Dislike:
    Thumb up 5
    Thumb down 1

    As well it should be. Why should anyone other than the owner of a house that has been purposely placed in an area with abnormal flood risk be subsidized by someone else?

  • April 24, 2018 at 6:10 pm
    Jack says:
    Like or Dislike:
    Thumb up 5
    Thumb down 1

    “Why Coastal Living Is Becoming Affordable for Only the Rich”

    Yep- did some research on the writer. Completely understand now. It would be nice if IJ had someone write about insurance that wrote insurance for a change.

    • April 24, 2018 at 6:52 pm
      Agent says:
      Poorly-rated. Like or Dislike:
      Thumb up 3
      Thumb down 13

      Hidden due to low comment rating. Click here to see.

      • April 24, 2018 at 6:59 pm
        Jack says:
        Like or Dislike:
        Thumb up 3
        Thumb down 0

        Agent- If it were true, why is FEMA rezoning beach front homes from VE to AE ?

        • April 24, 2018 at 7:07 pm
          PolarBeaRepeal says:
          Like or Dislike:
          Thumb up 1
          Thumb down 4

          Re-zoning has NOTHING to do with HUMAN actions insignificant influence on expected, perpetual climate change on Earth.

          • April 24, 2018 at 9:59 pm
            UW says:
            Like or Dislike:
            Thumb up 5
            Thumb down 1

            This isn’t a sentence. It literally doesn’t mean anything.

          • April 25, 2018 at 3:13 pm
            PolarBeaRepeal says:
            Like or Dislike:
            Thumb up 0
            Thumb down 5

            Wrong. It doesn’t mean anything to those with closed minds.

          • April 25, 2018 at 8:07 pm
            Captain Planet says:
            Like or Dislike:
            Thumb up 5
            Thumb down 0

            MARCH 23, 2018 AT 9:36 AM
            DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
            LIKE OR DISLIKE:
            0
            1
            Got any rock-solid, blue-dress evidence? Hearsay isn’t admissible

      • April 25, 2018 at 8:05 pm
        Captain Planet says:
        Like or Dislike:
        Thumb up 3
        Thumb down 1

        • APRIL 5, 2018 AT 3:00 PM
        Agent says:
        LIKE OR DISLIKE:
        3
        7
        Shows you don’t have a clue what is going on.

  • April 24, 2018 at 6:53 pm
    Jack says:
    Well-loved. Like or Dislike:
    Thumb up 11
    Thumb down 0

    Who has one of the largest lobby groups in DC? When FEMA rates were suppose to get fixed a few years ago with “actuarial sound rates” , who do you think complained the loudest to stop them? You guessed it….Real Estate agents. Why you might ask? Follow the money…it always tells the truth.

    • April 25, 2018 at 3:14 pm
      PolarBeaRepeal says:
      Like or Dislike:
      Thumb up 2
      Thumb down 3

      So, go visit the Real Estate Journal website and complain on that sites’ comment pages.

      • April 26, 2018 at 12:54 pm
        Captain Planet says:
        Like or Dislike:
        Thumb up 4
        Thumb down 2

        APRIL 25, 2018 AT 2:50 PM
        PolarBeaRepeal says:
        LIKE OR DISLIKE:
        Thumb up 1Thumb down 1
        you don’t have any manners.

        Reply

  • April 26, 2018 at 3:18 pm
    What about this says:
    Like or Dislike:
    Thumb up 0
    Thumb down 1

    What about all the tax revenue that is lost when a property is bought by the government and made into a park?

  • April 27, 2018 at 3:01 pm
    Shoobie says:
    Like or Dislike:
    Thumb up 1
    Thumb down 0

    Try Ocean City, NJ’s Gold Coast section. Laughable the price of the homes. And some of the residents are up in arms that Affordable Housing might become a reality in some parts of town. They don’t think working poor people deserve to live in OC.



Add a Comment

Your email address will not be published. Required fields are marked *

*