this post was submitted on 12 Jul 2023
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United States | News & Politics
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The problem is we allow them to subdivide the nation in their policies. The risk in Florida isn't shared across the nation, which would mitigate this issue.
So we should instead punish everyone else for not living in a documented flood plane?
You're not being punished in that scenario. You're in a larger pool which lowers risk. Lower risk means lower premiums. It's one of the principles that makes socialized medicine in countries all over the world cheaper than the US healthcare system.
But that's the way insurance tends to work - actuaries look at the risk involved in ensuring person X or group X against threat Y and charge accordingly.
Larger pool, lower risk. That's one of the basics in actuary tables.