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Senator John Kennedy introduces bills to address rising flood insurance costs
Posted on 3/3/23 at 11:40 am
Posted on 3/3/23 at 11:40 am
LINK
quote:
The Madisonville Republican introduced the Risk Rating 2.0 Transparency Act, which would require the Federal Emergency Management Agency, FEMA, to publish an explanation of how the agency is determining National Flood Insurance Program, NFIP, prices under Risk Rating 2.0.
“The Biden administration is refusing to show lawmakers the new algorithm it uses to raise flood insurance premiums,” Kennedy said in a statement. “Since millions of Louisianians depend on the NFIP to protect their homes from natural disasters, FEMA must come clean about why premiums are skyrocketing under Risk Rating 2.0. In the meantime, my bills would ensure fairer rates for the people of Louisiana.”
The Risk Rating 2.0 Transparency Act would make FEMA responsible for creating an online data base for policyholders. The database would provide information on premium rates and how FEMA sets those rates.
quote:
Kennedy’s second measure is called the Flood Insurance Affordability Act and would cap annual flood insurance premium increases.
Sen. Marco Rubio, R-Fla., cosponsored that measure.
The Flood Insurance Affordability Act would lower the statutory limit on annual premium increases on primary resident homeowners under Risk Rating 2.0 from the current limit of 18% to 9%.
Posted on 3/3/23 at 11:43 am to WPBTiger
quote:F IN A
Flood Insurance Affordability Act
I'll show myself out.
Posted on 3/3/23 at 11:47 am to WPBTiger
It is 100% bullshite that they refuse to release the algorythmn. I haven't even seen them give a reason for refusing to release it.
Posted on 3/3/23 at 11:47 am to WPBTiger
My flood insurance went down
My homeowners tripled, and next time it comes up I may not even be able to get anything besides Citizens
My homeowners tripled, and next time it comes up I may not even be able to get anything besides Citizens
Posted on 3/3/23 at 11:47 am to WPBTiger
Politicians were warned a decade ago that this was coming. Once again, our officials choose to be reactive instead of proactive. Being proactive hurts re-election chances. Being reactive shows you're "tough."
Posted on 3/3/23 at 11:48 am to WPBTiger
Nothing like paying a premium to live in Louisiana. We get so many benefits.
Posted on 3/3/23 at 11:51 am to WPBTiger
The program needed an overhaul and this new 2.0 system may be a positive direction. But the fact that everything just kind of gets thrown into a black hole with no transparency and we're forced to accept it and pay what they tell us it's just absurd. There's no reason not to reveal the methodology to calculate these things.
Posted on 3/3/23 at 11:52 am to WPBTiger
Just because Congress is located in the Potomac hinterland swamp doesn't mean it should have its hands in flood insurance.
Posted on 3/3/23 at 11:54 am to BottomlandBrew
quote:
Senator John Kennedy
quote:
Being reactive shows you're "tough."
Typical LA politician. Seems like lots of smoke, but never a fire with that guy.
Posted on 3/3/23 at 11:55 am to Fun Bunch
quote:
homeowners
Seems to be the real problem. I'm approaching $10 grand per year.
Posted on 3/3/23 at 11:56 am to jbgleason
quote:
It is 100% bullshite that they refuse to release the algorythmn. I haven't even seen them give a reason for refusing to release it.
The house I am in was built in 1981 and has never flooded. I am in a flood zone the elevation of my home does not get me out of it.
When we were considering moving, we looked at several homes that had flooded, one that had 5 feet of water in one section, that we not in a flood zone.
The whole system is screwed up.
Posted on 3/3/23 at 11:57 am to Shexter
quote:I swear that dude has a writer just to use for stereotypical southern sayings.
Typical LA politician. Seems like lots of smoke, but never a fire with that guy.
Posted on 3/3/23 at 11:58 am to Shexter
Cool, but what about Homeowner's Insurance, John?
Posted on 3/3/23 at 12:07 pm to DVA Tailgater
Homeowners is a much bigger problem actually.
Posted on 3/3/23 at 12:17 pm to DVA Tailgater
quote:
Cool, but what about Homeowner's Insurance, John?
FEMA is national.
Each state has their own insurance regulations. Direct your ire elsewhere.
Posted on 3/3/23 at 12:35 pm to saint tiger225
John Kennedy and Lyn Rollins could write a pretty amusing book of these sayings.
Posted on 3/3/23 at 1:24 pm to Wabbit7
I live in South Lafourche. I have a small old wooden house on 3 foot piers. At that elevation, the only time my house will flood is for a catastrophic hurricane with an over 14 foot storm surge and the levee over tops or breaks. Risk Rating 2.0 puts that risk for 100k in structure and 25k in contents at 3,500 a year in premiums. Because it is grandfathered in, my premiums have steadily risen from 299 a year to over 500 last year and this year will probably go up to over 600 this year. Couple that with the same amount of coverage, but no contents or liability coverage, I will pay 2,000 for structure only coverage from my mortgage company. I am looking for a traditional policy, but agents have yet to call me back. At the rate of inflation of policy increases, I believe it is conceivable that I would need to pay close to 10k a year for just 100k in coverage in about 10 years. That is insanity.
Posted on 3/3/23 at 7:11 pm to jbgleason
Agreed. Big government! Big Problems!
Posted on 3/3/23 at 8:33 pm to WPBTiger
Why does the National Flood Insurance Program exist? It encourages people to build and live in areas that the private sector deems uninsurable. It’s the definition of welfare and needs to go away. If someone wants to live in a flood zone the private market won’t insure, they should do so at their own risk.
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