To democrats, there's nothing that the taxpayers of America should not be on the hook for....even the bad decisions by other Americans to build their houses where hurricanes hit......
WASHINGTON -- As hurricane season begins, Democrats in Congress want to nationalize a chunk of the insurance business that covers major storm-damage claims.
The proposal -- backed by giant insurers Allstate Corp. and State Farm Mutual Automobile Insurance Co., as well as Florida lawmakers -- focuses on "reinsurance," the policies bought by insurers themselves to protect against catastrophic losses. The proposal envisions a taxpayer-financed reinsurance program covering all 50 states, which would essentially backstop the giant insurers in case of disaster.
The program could save homeowners roughly $500 apiece in annual premiums in Florida, according to an advocacy group backed by Allstate and State Farm, the largest writers of property insurance in the U.S.
Of course the insurance companies love it, what company wouldn't love to be "insured" against loss by the government? And of course Florida's lawmakers love it, by looting other Americans' pocketbooks, they can keep their property values high, development high, and lots of tourist dollars flowing.
Why should my tax dollars be used to insure against disaster, an industry whose business model is betting against disasters? Isn't that what the premiums of policy holders do? If the costs of hurricane recovery are too expensive, then raise the premiums. If home-owners complain about the high cost of insurance, tell them to move! Taking money from me to insure the continued comfortable lifestyles of rich beach bums is reprehensible!
Craven democrats will use literally any excuse to get Americans to depend on government for still more of their lives. The government(taxpayers) has no business propping up the tourist industry and/or real estate market of Gulf states by bilking taxpayers who're smart enough not to live in disaster-prone areas.