> taxation. That's much fairer
Extortion is more fair than voluntary contributions? Maybe on arguments from regression but it's not obvious.
> You buy security against large losses at a moderate price
Flood insurance is literally saying "I bet my house is going to be underwater" and winning the big cash price if it is.
Sure, you made an offsetting gamble when buying the house, but I don't see how you can claim a gamble is no longer a gamble when a partially offsetting gamble exists -- that's just two gambles, and indeed prudent risk management when it comes to big gambling.
> taxes are extortion
Then move to North Korea where there are no taxes.
> Flood insurance is literally saying "I bet my house is going to be underwater" and winning the big cash price if it is.
yeah the big prize of all your personal belongings being destroyed, being semi-homeless for an indefinite period of time, fighting insurance companies to get the full value of your home and all assets (glhf finding out what's secretly not covered or you can't prove you owned), searching for a new home in an inflated market, lost productivity, dead pets, etc.. What a prize! This is something you'd expect a 12 year old to try to argue.
Insurance is not legally classified as gambling for very obvious and practical reasons.