![]() People routinely receive more in Social Security than they pay in, but few people complain because the economy benefits from the increased spending and few people want more seniors to slip into poverty. ♦ Does the federal insurance need to be completely actuarially sound? This is a policy question. But we do have questions that can help move the conversation forward as the nation struggles to find solutions. This is a national problem, one that Congress can and should solve. New Orleans was saved from most of the flooding, but New York - 1,100 miles away - got swamped. And here’s an irony to keep in mind: New Orleans, while it suffered severe power outages, was saved from deadly floods during Ida because of the $14.5 billion spent after Hurricane Katrina on projects designed to enhance protection from storm surge and flooding. Or the massive floods in New York City a month ago from rainstorms spawned by the remnants of Hurricane Ida. Look at the constant flooding in towns along the Mississippi River. While Floridians are facing some of the largest policy increases under the new changes, this is not unique to the Sunshine State. The flooding problem is going to get worse, not better. More homes are going to be vulnerable to flooding as the seas rise, and more ferocious hurricanes spawned by warmer waters increase the danger of storm surge. And floods occur not only on the beaches but in gulleys, by rivers and in low-lying areas where many owners of modest means have their homes.Ĭlimate change and sea level rise are also changing the calculus. That’s hardly the threshold for “rich” when it comes to Tampa Bay home prices. In fact, the federal program has a cap of $250,000 for repairing or replacing a home. Next, this is not just a problem for rich homeowners and their multimillion-dollar beachfront mansions. It takes just one bad hurricane to upend Florida’s donor status. Florida is home to six of the 10 most at-risk metro areas in the country, based on the cost of rebuilding single family and multifamily homes. But actuaries care about more than just past performance Florida has more than $250 billion worth of at risk properties in the Miami and Tampa Bay areas alone, according to the Insurance Information Institute. That is, the premiums paid in by Floridians outstrip the benefits paid out after floods. ![]() For its part, Florida has been a donor state. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |