Should the Government Pay if the Insurance Companies Don’t?

From NPR News: Lott Is Among Gulf Coast Homeowners to Sue

In many ways, Hurricane Katrina was an equal-opportunity disaster, destroying the homes of both rich and poor Gulf Coast residents. Among the most prominent victims was Sen. Trent Lott (R-MS), whose 19th-century seaside home in Pascagoula, Miss., was obliterated by the storm.

Now, Lott is one of thousands of Mississippi homeowners who are suing their insurance companies. They believe their claims for coverage were unfairly rejected — and many say they now have no way to rebuild the homes they lost.

Usually, when the insurance companies fail to pay, the government ends up paying the bills, case in point the 9/11 payout.

The 9/11 events highlighted the value of vanity and disparity in accessing the value of life, for example the government paid millions of dollars to widows of stock brokers who worked in the world trade center and paid less than a quarter of a million to widows of firefighters. Are such payouts necessary? Should hardworking Americans bear the cost of rebuild a beach front vacation home?

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