I am curious- why no criticism of the people in the Midwest who live in flood plains?

[creekster]

Originally Posted by myboynoah

Maybe Obama will institute a national disaster insurance program that will solve all my problems.

Yes we can!

[SeattleUte]

Originally Posted by myboynoah

So, am I a fool for buying it? Should I just depend on the good people of the US of A to provide my insurance?

I think you should do a risk-utility analysis.

[SeattleUte]

Noah, do your risk-utility analysis. If you turn out to be wrong some day and need some social welfare, that's what it's there for. You're a tax payer. Factor the potential availabilty of social welfare into your analysis. There's no shame in that. I do that with food storage. I think we all do except the dorks who actually have food storage.

[creekster]

Originally Posted by SeattleUte

Noah, do your risk-utility analysis. If you turn out to be wrong some day and need some social welfare, that's what it's there for. You're a tax payer. Factor the potential availabilty of social welfare into your analysis. There's no shame in that. I do that with food storage. I think we all do except the dorks who actually have food storage.

Putting aside the food storage stuff (must you let your festering issues pollute other threads?) this is what we have done. The market for EQ insurance can be volatile and we have sometimes carried it and sometimes not, depeneding on a hsot of factors.

[BigFatMeanie]

Originally Posted by MikeWaters

and you are saying that that is cheap?

You are saying for someone that lives in a 50,000 dollar home and has an income of 10,000 per year, that that is cheap?

I'm countering Cali's ridiculous statement with facts. The price of <$250 was for a 4000+ s.f. $500,000 home. It's probably cheaper for a 50K home. If you can't afford it then you have to accept the risks that come from not having it. My general take on insurance is: "It's always too expensive - until you have to file a claim".

I can't believe the counsel I'm hearing from people here: let the government bail you out, don't be independent, don't be self-sufficient, don't plan for an emergency, don't take responsibility. Unbelievable.

[il Padrino Ute]

Originally Posted by myboynoah

Maybe Obama will institute a national disaster insurance program that will solve all my problems.

There will be no need for disaster insurance as Obama's policies will prevent natural disasters. Just imagine the tariffs he will impose on Mother Nature if she wants to import a hurricane.

[myboynoah]

Originally Posted by BigFatMeanie

I'm countering Cali's ridiculous statement with facts. The price of <$250 was for a 4000+ s.f. $500,000 home. It's probably cheaper for a 50K home. If you can't afford it then you have to accept the risks that come from not having it. My general take on insurance is: "It's always too expensive - until you have to file a claim".

I can't believe the counsel I'm hearing from people here: let the government bail you out, don't be independent, don't be self-sufficient, don't plan for an emergency, don't take responsibility. Unbelievable.

Shouldn't that just be part of one's housing budget? Insurance + taxes + mortgage = housing costs. Scale back when needed and where possible (self insure or less house). Just don't include me (the taxpayer) in your calculus. I guess that means I'm uncaring.

I too am a bit surprised by some of the responses, unless they are talking about self insuring.

[myboynoah]

Originally Posted by il Padrino Ute

There will be no need for disaster insurance as Obama's policies will prevent natural disasters. Just imagine the tariffs he will impose on Mother Nature if she wants to import a hurricane.

My friend, soon you will be calling him TSCOJC.

[Cali Coug]

Originally Posted by BigFatMeanie

Dude, you have your head so far up your ass. I already quoted above what earthquake insurance in Utah costs for a house. I think it's completely reasonable to get earthquake and flood and probably hurricane insurance for less than $250 a month.

Is there any subject that you aren't the world's greatest living expert on? What an ass.

This stuff adds up in a real hurry. Flood insurance from the government for people who live in a flood plain isn't free. Private flood insurance for the floors over the basement floor costs at least even more. Add earthquake insurance on to that together with standard homeowners insurance and casualty insurance. If you want to be protected against lawsuits (because we are, after all, suggesting that we should be prepared), it costs even more. The average family can't afford all of this stuff, particularly on top of auto and health insurance.

What are they supposed to do? Buy earthquake insurance for an earthquake that doesn't seem likely, or pay the electric bill which definitely will come next month?

Yes, it would be great to be insured against every loss possible, but for your average American, that isn't a reality they live in. The government recognizes that fact and bails people out when needed.

You also aren't noting the fact that in a huge catastrophe, insurance companies often just go bankrupt or spend years fighting with you about whether or not they actually owe you the money under your policy. In Katrina, many people had flood insurance, but the wind tore up their home and the rain water came in, so the insurance companies said the flood policy didn't protect against wind and rain damage. It is a joke. People involved in a catastrophe like Katrina can't possibly afford all the insurance you tell them they must have, and if they paid it, the insurance company wouldn't pay them the money they need in a timely manner anyways.

Solution: the government needs to help.

This isn't to say that you shouldn't have insurance for what you decide you need. The government isn't going to restore you to the condition you were in prior to the storm. They will help you to get by.

[myboynoah]

Originally Posted by Cali Coug

This isn't to say that you shouldn't have insurance for what you decide you need. The government isn't going to restore you to the condition you were in prior to the storm. They will help you to get by.

Define "get by." Does that mean a FEMA trailer and $500 on a debit card and the government is done? Are they going to cover the costs of rebuilding my home where it was? If not, why not? My kids need a roof over their heads. They need food in their bellies.

Your plan is starting to sound ominously inadequate and very risky.

"The government isn't going to restore you to the condition you were in prior to the storm. We will help you get by."

Can anyone imagine Bush saying that to the NO survivors? But in essence, isn't that what we have done, help them get by, but not full restoration?