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Faulty Flood Insurance

by Bob Betzen

katrina.jpg
Insurance pays off for private sellers in this country. They profit handsomely while public sector investment goes down a sinkhole. Our government underwrites flood insurance for homeowners but does not profit from the sale of comprehensive homeowners policies. If states sold comprehensive homeowners policies, it would allow government to competitively regulate the insurance industry the way the Post Office regulates the package delivery business.

Coastal state governments for example, could offer full coverage for all structural damages caused by hurricanes. Currently, many private insurers only pay for wind damage. This puts homeowners in the untenable position of attempting to distinguish between wind damage and water damage in cases where their homes were obviously destroyed by a combination of the two. Private groups would need to match coverage options offered by public groups or risk losing business.

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Posted in Funding Public Programs on September 18th, 2007

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If you want to find criticism of our government here in America, you won’t need to look far. When it comes to politics, it seems that everyone has a grievance. Radical Avenue on the other hand, takes a solutions oriented approach to public policy. It’s radical because I’m proposing fundamental changes to the structure of our government, like transferring commander in chief responsibilities to a small elected group. My philosophy is: Everyone knows we’ve got problems, so what are we going to do about it?

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