If the government can mandate health insurance then why not flood insurance?

[ddeclue]

I don't think the Federal government has the power to mandate either under the Commerce clause unless the government itself is the insurer.

[BlooInBloo]

1. More relevantly, why not stupid insurance.

[ddeclue]

3. thanks for playing - just answer the OP question and save the goading..

[flood insurance man]

6. Federally subsidized flood insurance

There is a 26% chance of experiencing a flood during the life of a 30-year mortgage compared to a 4% chance of a fire.
Federal programs should neither subsidize those who choose to live in harm's way, nor encourage environmental destruction - but those are the results of NFIP, FEMA rebuilding loans and Corps beach restoration projects. Development in high-risk areas should reflect its actual cost to the public and the environment and should be borne solely by the states, localities and individuals benefiting from them. If we Ended the subsidies , we would reduce the economic, human and environmental toll of natural disasters

[ProSense]

2. Did you really ask this question? n/t

[sam sarrha]

4. because there is a Precedent against that... NOLA

:cry:

[quaker bill]

5. They do not have to

try to get a mortgage on a house in a flood plain without this coverage....

The mortgage bankers mandate it where ever it is known to be needed. Generally only homes that are paid off or quite high and dry run without this insurance. Problems largely arise when the flood risk studies are incorrect, and this is more common than one might expect.

The only thing that needs to be looked at is the LOMR process (letter of map revision). Land speculators and developers will on occasion hire an engineer and hydrologist to do a detailed study to revise the flood plain elevation. A lower flood plain elevation generally translates to more lots in a development at lower elevations. Curiously, sometimes these studies are found to be in error, after a large rain.

[spanone]

7. when i lived in a flood plain, i HAD to get flood insurance and it was kept cheap by gov.

[flood insurance man]

8. flood insurance

Things have not changed in Ohio. The rates for flood insurance are still very low.

[Kadie]

12. NFIP - National Flood Insurance Program

http://www.fema.gov/about/programs/nfip/index.shtm

Nearly 20,000 communities across the United States and its territories participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage. In exchange, the NFIP makes Federally backed flood insurance available to homeowners, renters, and business owners in these communities. Community participation in the NFIP is voluntary.

[BuyingThyme]

9. They do. It's just not called flood insurance.

[Motown_Johnny]

10. a home can be rebuilt

[TicketyBoo]

11. Mortgage holders mandate flood insurance

when your house is in a flood plain.

And flood plain designation is often capricious.

Rates for flood insurance depend more upon when you got your mortgage and/or took out the insurance (so my insurance agent told me). More recently written policies are pricier.