That was already done over fifty years ago through the national flood insurance program, NFIP.
PSA: If you are in a flood prone area, your lender may require you to purchase flood insurance. But did you know that some communities will argue against changes to the flood maps that would show them as being in a flood prone area? This means you may be at a higher risk for flooding than the federal maps would suggest. You can still buy flood insurance through the NFIP, though.
Time to socialize the losses
That was already done over fifty years ago through the national flood insurance program, NFIP.
PSA: If you are in a flood prone area, your lender may require you to purchase flood insurance. But did you know that some communities will argue against changes to the flood maps that would show them as being in a flood prone area? This means you may be at a higher risk for flooding than the federal maps would suggest. You can still buy flood insurance through the NFIP, though.
Here’s a “myths and facts about flood insurance” page from FEMA: https://www.fema.gov/press-release/20230425/fact-sheet-myths-and-facts-about-flood-insurance