Edit: I see now the comment I replied to is about subsidizing losses, not about having a state run insurance program.
If the premiums are risk based, why not not? Ideally there would also be a buyback program for homes deemed to be uninhabitable due to climate risk. Maybe something like the state will buy the house at 80% of the value used for property taxes, up to a certain maximum (fixed dollar amount? Percentage over the county/state median?) This buyback program could be used when the premiums become unaffordable.
Edit: I see now the comment I replied to is about subsidizing losses, not about having a state run insurance program.
If the premiums are risk based, why not not? Ideally there would also be a buyback program for homes deemed to be uninhabitable due to climate risk. Maybe something like the state will buy the house at 80% of the value used for property taxes, up to a certain maximum (fixed dollar amount? Percentage over the county/state median?) This buyback program could be used when the premiums become unaffordable.