Because people are idiots. (Said the girl living on a fault.)
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You should see it when it isn't flooding, tho.
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We subsidize their insurance. Win-win right?
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This is the correct answer, subsidized insurance and property value only increases
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They buy those houses because the problematic costs and risks of living in a flood zone are subsidized by the Federal government through the National Flood Insurance Program and paid by taxpayers, while the benefits and potential profits of waterfront living are entirely theirs.
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That house is designed to flood. The first floor is basically disposable. Have you ever walked the beach at sunset on a good day? It's tempting for sure.
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The Bible says, "Build you house on the rock." Now, I know that means a spiritual foundation in Christ but somehow it sounds like good construction advice too.
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They get government subsidized insurance and don't face the real cost of such a dumb decision.
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Its because FEMA pays for their house if it gets knocked down. They couldn't insure it otherwise
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Same. That’s why I stay safe in Michigan :D
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Yep, worst we have is a bunch of snow to shovel. My life has never been in danger from shoveling snow. Love Michigan.
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It's a write off. These rich people just write it off.
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Do you even know what a write off is?
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No, but they Do. And they are the ones writing it off.
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Taxpayers subsidize it. With lots of competition for the title, federal flood insurance probably has the most perverse consequences of any of our malinvested tax dollars.
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