I don't know that I necessarily agree that people simply shouldn't build homes on/near the ocean. On that same thought process, St. Louis is on/near a major fault line, should we bar people from living there as well? What about places where avalanches are common or electric storms can pose a great risk? Forest fires? I know that it seems like hurricanes are a little more frequent than many of those things, but I think you'll find that most people that live in major cities near the water aren't there living in "luxury" homes. Cities are cities and people of all credit scores and societal levels end up living there. I do feel that it is dangerous: hurricanes are a risk you take living in cities and towns by the ocean, but
there are many people who spend their whole lives in oceanside towns and are never impacted by a hurricane beyond a few days of heavy rain.