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Monday, March 14, 2011

Dateline Florida: Florida trying to exit flood plain insurance business to avoid disaster:

One of the stories buzzing southern Florida last week, was the new initiative to replace state backed flood plain insurance with private insurance that would have the special feature of being based on market rates---the owners would be surprised with huge increases in premium that could make it unaffordable.

The national policy that allows folks to build in hazardous areas and then have the taxpayers pick up the tab when the disaster happens is about to end. Florida finally is waking up...and the timing is pretty striking with the tsunami incident in Japan.

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