There are more options than “the current bad system” and “shut it down violently”. The FEMA insurance program can be modified so payouts have a lifetime cap, and/or once they reach a certain level, a buyout is required. It would allow people to relocate and over the long term (i.e. a generation or two), the accounting works out.

As a society who has completely failed addressing climate change, having “all of us” help pay for it is not a completely unfair way to address it.