Because it is backstopped by the government, that's why. No property inside of a 100 year flood plain could ever get flood insurance if the insurance agency had to underwrite said insurance on their own.
Coastal areas like the Outer Banks on the Atlantic coast should see all houses built there on concrete stilts above mega storm surge levels, but you dont see that, do you?
NFIP building coverage limit is $250k. Nearly every coastal home will have private flood insurance underwritten by an entity other than the government.
Surely an actuary, especially one working for a for-profit company, would recognize the global warming/rising seas risk and choose not to offer the product...yet you can still buy a policy. Why?
"Oh, the waters destroyed your home? I'm sorry, but that was global warming and a rising sea level, not a flood. Just ask any Climate Scientist. No payout for you." -The actuaries.
And why can you still buy flood insurance on a coastal home?
Because it is backstopped by the government, that's why. No property inside of a 100 year flood plain could ever get flood insurance if the insurance agency had to underwrite said insurance on their own.
Coastal areas like the Outer Banks on the Atlantic coast should see all houses built there on concrete stilts above mega storm surge levels, but you dont see that, do you?
NFIP building coverage limit is $250k. Nearly every coastal home will have private flood insurance underwritten by an entity other than the government.
Surely an actuary, especially one working for a for-profit company, would recognize the global warming/rising seas risk and choose not to offer the product...yet you can still buy a policy. Why?
"Oh, the waters destroyed your home? I'm sorry, but that was global warming and a rising sea level, not a flood. Just ask any Climate Scientist. No payout for you." -The actuaries.