Bailing out homeowners
Lehrer letter in the Chicago Tribune
Your June 16 editorial “Tornado warning” is absolutely correct to point out that “every part of the country has its risks.” But these risks aren’t the same everywhere.
Even with the recent spate of tornadoes, the chances of a Chicagoland home being destroyed by high winds remain a fraction of those for a typical home along the coast in hurricane-prone South Florida. That’s why it simply doesn’t make sense to do what some in Congress—including Sen. Barack Obama (D-Ill.)—have proposed and set up a new federally run insurance company to help bail out homeowners in other states. Insurance premiums are high enough in the Chicago area. Why raise costs even further to bail out other states?
