Why should taxpayers from other regions support a bill designed for coastal areas?
When a natural disaster causes massive destruction, the property losses either are covered by insurance, absorbed by the property owners themselves, or compensated by taxpayers through direct assistance, tax deductions, and other programs. Federal programs also pay increased costs to compensate for the effects of an economic decline caused by a delayed recovery from a disaster. Taxpayers all across America will benefit when more hurricane damage is covered by insurance premiums rather than by federal disaster assistance. Multiple peril insurance will ensure that homeowners will be able to buy insurance and know that their hurricane damage will be covered. What we learned from Katrina is that many Mississippi and Louisiana homeowners had built their homes to high standards and bought all the insurance that was available to them – homeowners, windstorm, and flood insurance – yet were left with large uncovered losses because private insurers claimed that wind damage was not covered if the
