Federal goverment has been back stopping entire charade for decades as is.

Rich people with ocean front property must no suffer.

You have been banned from c/Conservative.

To be fair society benefited along with the companies. We should institute a carbon tax on all transactions - not just punish the energy companies.

Insurance rates should be higher in high risk areas. This is the most straight forward way to keep people from building in high risk areas. I really don't think we should subsidize Joe shmoe's insurance on the third rebuilding of his house.

Who are the companies then reselling the houses to?

This is easy! You sell your house to a wealthy landlord and watch it get turned into a rental. And then you watch it sit vacant for a year because the landlord is asking triple a mortgage payment/month and a $300 application fee.

So as stupid as the position generally was, what he was saying is sea level rise and major climate shifts are not immediate, so as it starts getting bad, a person sells their home (for less that they bought it for) and the next person has it worse (but still "habitable") and sells it for less than they bought it for, and by the time it gets to the last seller who can't sell it to anyone, it's not worth much anyway.

Basically, if you have a nice home and make decent money, the house can keep getting passed to poorer and poorer people until only the poorest homeowner gets completely screwed, and that's okay because that's how the market goes.

His position wasn't stupid, it was evil.

Edit: though to add, if insurance companies won't offer insurance, his point is irrelevant, because you can't finance a house without insurance, and that makes that seller the end owner.