by Bethers » Thu Oct 02, 2008 10:36 am
I'd hazard a guess that most of those people didn't have insurance. Most of those homes and building probably wouldn't pass a requirement in TX - having a windstorm certificate - which you then need to get the insurance for wind, etc here. And if they do pass - that insurance is high. Which actually makes sense, as insurers know that eventually, it will be damaged, if not destroyed.
I once looked at buying a piece of property on a lake. The lake I was looking at, turns out the homes there flooded about every 10 years. Most of the people there could no longer get insurance. But they sell like hotcakes anyway, cuz the people just "have to be there". Kind of like those building on the mountains that will eventually slide away in California. I couldn't and wouldn't take that risk - there are lots of other lakes, etc out there where I could buy without that damage.
As for the TX shore - I'd rather be in my rv, which is movable - than own right along the shoreline. But that entire shore will build back up - and people will continue to buy - and continue to not afford insurance. Yep, I feel sorry for their loss, but on the other hand, I think people have to start realizing that some purchases just shouldn't be made - some areas just shouldn't be used the way they are. But they always will be. Now, the places damaged inland - and in other states, etc - those are things that no one can predict - and those people I truly feel sorry for. And hope they all do have insurance.
Beth
“Dare to live the life you have dreamed for yourself. Go forward and make your dreams come true.” ~ Ralph Waldo Emerson ~
"He who treasures the small things in life has found the path to true happiness"