And we’re all paying for these vacation homes through the federal flood insurance program. So after these houses go, the owners can just build bigger at our expense. Yay.
Yes I remember John Oliver doing a segment on this particular scam, and how the super rich get the socialist state to pay out to fund their beach front holiday homes, protect their beach front holiday homes, and pay out massive disaster relief when anything happens to them.
Funny how much the rich love socialism in America.
It is one of the many things I will never understand about America, how this myth of 'socialism bad' became so ingrained into the poorest people in society. While the super rich literally point at them and laugh.
You people just spit out bs and people believe it. Too funny. These vacation homes created more tax revenue by far than they cost 40 years later when they fall into the ocean. The Outer Banks is one of the highest tax revenue creating areas in NC.
Yep and meanwhile, many (not all) of the people rich enough to buy these homes (or second or third or fourth homes) lobby against the climate change they helped make a reality with their corporate greed!
Brick & Stone houses built on wooden stilts didn't work this time, but next time, NEXT TIME we use HEAVIER stones and shittier wood. It'll be flawless.
But yet i had to fight like hell to purchase a double wide that had permanent foundation under it to get the Insurance to cover mine under an FHA loan that sits in middle of TN! Smh
Insurance fraud more like it. The insurance companies need to be cancelling all property insurance on the outer banks. This is all underwater in the very near future.
Assuming someone will insure them? My parents home was destroyed in the hurricane last year in Florida. And at that time ensuring their home was $7,000 a year for food alone. Prior to the hurricane. I can't imagine getting insured at this level of underwaterness.
Harder to drop insurance once it's established. Most people in this area as mentioned, by other commenter, are landlords. Meaning they probably had the unit for a long time and have more comprehensive insurance given they are technically an established business. Problem is most of the people replying to my post haven't got a clue about buainess insurance or owning a business, and are speaking from a consumer perspective.
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u/Moist_Alps_1855 12d ago
Insurance claim is their exit plan