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Insurance premiums are priced according to the level of risk incurred by the insurance company. A strong argument can be made that flood insurance should also be priced by risk. However, these homeowners bought their houses under one set of assumptions, and those rules are being dramatically changed mid-stream. Life insurance premiums do not change once the policy is in force. These new flood insurance rates need to be phased in over, say, 20 years. Patientman is correct: Cash will be king, to the extent that it is not, already. I have no problem with 'government subsidies' being phased out, as long as they are also phased out for cell phones, dental care, food stamps, Section 8 housing, etc.

From: Soaring flood insurance seen sinking values

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