Federal Flood Insurance has been heavily subsidized, so living somewhere prone to flooding has been no problem. The price of living near the shore is already high. It’s about to go through the roof.
Most homeowners will see modest increases starting at $120 per year in addition to what they already pay, and a few will see their insurance costs decrease. But wealthy customers with high-value homes will see their costs skyrocket by as much as $14,400 for one year. About 3,200 property owners — mostly in Florida, Texas, New Jersey and New York — fall in that category.
Now you can argue about the reason behind the change, but the subsidy needs to go away.
Living on barrier islands, or on the coast, building massive homes and condos on the beach in the path of storms never made sense. Enter the federal .gov with artificially cheap insurance and witness the result.
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