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I am surprised the insurance company didn't know. But they can be an answer and it's free market. One needs mortgage insurance or may want insurance otherwise. Well, in the flood prone areas it gets prohibitive because the risk is higher. People will move away or eat the risk(with full knowledge)

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Given standard homeowner's policies don't cover flooding, do they even care? They still get to collect the premiums but aren't exposed to any additional risk.

Interesting the banks holding the mortgages don’t insist then. Didn’t people just walk in 2008 when their homes were worth less than mortgages, seems it would be a comparable situation. Maybe not, but there are a lot of ways to discourage risky ownership. One could improve standards too

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