Re: It\'s a shame about my street
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Insurance and HOAs FTW
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Insurance does not solve the problem at all. When I purchased the house, there was to the best of everyone's knowledge a 0% chance of the river flooding, so insurance would have clearly been -EV. Once the flooding problem has been discovered, no insurance company would insure my house for less than 1 millions dollars. So we would still all be better off building the damn for $750,000 a piece. Not to mention the fact that we wouldn't have to go through the hassle of having our homes destroyed, then collecting a million dollar check.
HOA wouldn't necessarily solve the problem either. What if instead of threatening to flood just my street, the river threatened to flood an entire county? I really doubt that such massive HOAs would ever exist. Or what if the area threatened by the flood subsumed several different HOAs?
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