I agree that insurance should not be a for-profit industry, but I am skeptical that the insurance is over-priced given the inevitability of the destruction of many of these properties. The actuarial risk is so high that many for-profit insurance companies are abandoning the market. If insurance is astronomically expensive, the area probably isn’t habitable and should be abandoned. I think the best solution is relocation assistance rather than rebuilding.

Capitalists are going to buy these abandoned properties for pennies on the dollar and rebuild foolishly. Then they will be back looking for more handouts when the properties inevitably get destroyed again.