Why should I subsidize homes in a wildfire prone ,tornado prone, or hurricane prone area.
A question I've asked time and time again...the answer seems to be "because we want to". But to require taxpayer subsidies to make the insurance "affordable" (to who's standard? The rich folk living there?) for those within 1000 ft of the water?
The reason the windpool and Citizens Ins. exist? No commercial carrier wants it at the rate the State says "should be". But now even the state admits the rates are "actuarily unsound" and need to be raised.
The reason we have insurance in the first place? We buy (or, rather, finance) things we can't afford to replace. So ultimately it's our fault... If you don't have a mortgage, you don't have to buy property coverage. Warren Buffet (and the lender) laughs all the way to the bank because we want stuff we can't afford.
