WWL>Topics>>3-3-14 11:10am Garland: on flood insurance

3-3-14 11:10am Garland: on flood insurance

Mar 3, 2014|

Garland talks flood insurance with Caitlin Berni of GNO, Inc.

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Automatically Generated Transcript (may not be 100% accurate)

A considerable doubt to a pure contradiction this is an important sure. Talking about homeowners flood insurance India portable act. -- at affordable act. And what that Lindsay is a those who view directed or rodeo where there's. But if parents -- local -- and there's a real threat in -- forget how many tens of thousands of people who it is but I'll find out and then. The new law. Being loved flood maps core flood and flood maps. Basically. Render a lot of view. Not able to pay Euro market. Because it's gonna brought remote upload pictures and grew up too much or cellular phones because nobody wants by at home. When the insurance. Cost that much in the -- some suggest. Deliberate and dangerous area and who wants to buy into a -- -- But I think we've got some pretty good news with. We have Kindle in birdie director -- external prayers you know he candle and welcome back the sure appreciate it very much thank you for having me happy -- -- should do well what -- mortar -- were -- down the -- You Israelis information you sent -- this summary of the house bill 3370. Go home for insurance portability act. Give me an overall idea what what this means in the -- start from the very top where we talk about reinstating -- -- short while overall what is it. So this that this bill is a really great bill it does. A few main things that really address the most pressing needs of our coalition and of the problem. I'm farce like he said it reinstates grandfather and says this means if you -- your home to code at the time of construction. I'm you'll be protected in the future from rates spikes due to map changed is there's always a home in Belle chase that we like to use as is and as an example. And this home was built in 19982. Feet above code. Never flooded not even during Katrina and is premium is 633. Dollars a year pretty affordable. But due to the new maps that are inaccurate by the way that FEMA is putting out this tone would be six feet under the base flood elevation in its premium. Under the bigger waters actually go to 171723. Dollars for 350000. Are happens. Under the proposed house bill he would be able to permit pertain. The perks of having built above code and be able to keep that low 633. Dollar affordable rate so you're gonna be. Giving credit to people who play by the rules and did as the government told them what what is cool. I said this is the coalition for sustainable flood insurance is something we grew out of -- being. -- back we started about last may when we realize this is going to be an issue for Louisiana. We -- -- to DC with about 24 parish leaders and eight -- presidents and to advocate for affordable funny insurance the more we realize on that trap. Was that we really needed to do a whole education campaign. Opera folks around the country to let them know what was coming down the pike in terms of unaffordable flood insurance so. We took it from man. We had two pronged approach as they like society you know links that we started to educate folks -- advocate for fun insurance and we built this national coalition we've got 34 states on board now 250 organizations across the country. That are all working with us to make sure this bill gets signed into law. 34 states to him some open organs who have either of those state represented organizations represented as Juno -- Suburb Freeman said incident. Your maps are wrong yup apps and -- what did they say. So hard V. The work that our coalition. Did when we started this back. In May was we invited David Miller he's ahead of an FIP FEMA. Downs of Louisiana to comment stand on some of the levees that his maps say don't exist and we actually have pictures of him standing on these levees that say these maps -- -- And so what FEMA is doing now is something called the lay up process that the Levy analysis and mapping procedure. And it's a process that the rolling out as a pilot program right now. Five parishes in Louisiana and twentieth -- counties across the country. That is working with local governments to give credit for locally built fled protection features like locally built levees and -- station and I'm and so that's gonna be remaining focus of our coalition over the next few years -- and we certainly. Love this legislation and we think it's gonna give us a long way towards making sure for stopping the bleeding. But we're definitely committed to staying together to make sure I was standing -- issues are dressed like bad maps like out of control right -- in commissions and like some issues related to pre firm properties as well so we definitely believe there's still some work to do with FEMA particularly regarding their bad math. -- this in my own little prick and a look. A group behind is Solomon's not even in down in this -- high school education. If somebody should -- that make you had a treatment -- in the sense that. Let's go take a look at the plug protection if we're gonna build maps yes so you've got the guy in charge of abuse or rumble every. Once he stood on the Libby did he say all this Levy is real. Absolutely and I think they're working through ways to. -- tip makes a war that the science that locals are using to build these. Levees is in line with more levees that with so ironic about that is there including levees that stood during Katrina. -- protected folks like in south of foods and in north of fish and missed some of these core built -- obviously failed during Katrina which is the biggest irony at all. That you know they're letting the find the face of all the local dollars be spent to protect ourselves here. Troubling and part of your expertise and and I'm concerned about it. Did show last week we've got fourteen that billion dollars of the best protection world aside from the -- Regret to leverage in -- 68 inches that the court chose built months ago. Because they haven't turned over to us. They're putting the bill -- -- in the millions of dollars soon. They'd put the entire porting billion. To watch for maintenance yearly maintenance. And I talked to be engineers that the that this kind of thing is said. Calling you live to raw electorate should go in there and says there's Bill Brock under south Louisiana. But the top port is like putting cinder blocks and you know. Doesn't just sink its spread out is it's it's plastic it moves up and down. So you're gonna have this problem for a Everett and -- have an escalating cost. Do we know that it is bigger borders act in the home orders flood insurance -- Portland gets approved everything gets picked does that take into. Concern that we may have a lot of picture expense down them down on the broke. So I believe he is on it this wouldn't necessarily be taken care of by the flood insurance legislation. But there's some another moving piece of legislation right now that's actually in conference committee. The water resources development act -- word is how it's often referred to in DC speak. And this would at least do some type of -- share between the state and the federal government for operation and maintenance of some of the the system so. Making sure weekend I think it's. 6535. Caught share. That can be included in word and that's in the final conference stages right now where -- house and senate are working that they're two differences. But that's certainly an issue that needs to be addressed to make sure -- weekend maintain did. Huge investment that's been made by the federal government in this Levy system and that something will continue work on nineteen and we can to make sure that cost share is worked out there. -- you know. Ongoing need to make sure this is included in word and make sure that. It in future legislation that we have something like this funded much. He generally was already honored with government -- backward talking about something very important to you flood insurance that's a portable. -- activists. All right we get limited Tonto we'll give it back to -- Caitlin Bernie she's where have. -- -- -- BO Washington. Congressional Peltz. How to build 33 celebrity -- the report entrance portability act. This is what the legislation is doing that's -- while -- -- in your home. Are you talked about retreated and reinstating brand pondering a candle and take -- tone down the line happened rigged and increases of between. Source so under -- waters. Congress -- FEMA the -- -- huge partner -- -- in the crucial law correct that's an underdog Birtley. Cause a problem -- Maxine Waters so that they didn't intend. Yes she's been a big champion should -- of of reforming what was some of the unintended consequences of bigger waters. So on her the bigger waters act which is current -- FEMA has the authority to raise rates on average 20% a year. This is going to lower that to 15% year. On average is also gonna put in an 18%. Individual policy cap so the 15% averages. Over wrist is down classifications as say -- in the eighties down -- FEMA would have the authority to raise your rates 15% a year. If that whole zone is considered not actuarial. But they cannot -- more than 18%. Confidant that average there's -- some folks might be able to. -- premium increases of 5% and others before this law could've seen. 30% increases but as long as everything averaged out over that ten to fifteen. Team was in compliance with the law. This bill's gonna put an 18% individual cap there's also something else on that -- really excited about in this new house provision. On that brilliant originated with our coalition as a proposal. And that's that. FEMA should strive to limit the number of policies. That have premiums in excess of 1% of the policy if so what that means is that. If you have 250000. Dollars and flood insurance coverage your premium would never be more than 2500 dollars a year. Which is expensive but not when you're looking at 171000 dollars a year and certainly not for the that's -- three out of your home. And that was definitely something that -- bridge needed as an idea out of a coalition and we were talking about. Overall affordability cap and how how we make sure we keep things affordable while allowing rates rise in a way that's sustainable for the program. Removed used to treat you so that's another really important thing under the current law if you sell your property. The new owner would be forced to assume the full rate without a phased in immediately at the point of saying all this is gonna allow its gonna treat. Purchasers and current property owners. Equally says that the real estate market -- stay in place so really excited that -- -- -- allows annual surcharges. So part of the we were paying for this. Is that there's gonna be 25 dollar premium surcharge on primary -- And 250 dollars annually on businesses and second homes for people that are not at full -- rates. And this money is gonna go into reserve. Funds for catastrophic. Losses. Ironically FEMA never how to reserve fund at all until the bigger water act and despise and a this proposal by the house is going to allow some funds in science and get the reserves and. And you know -- important bundling the affordability and stuff. -- so the bigger plotters act required FEMA conduct an affordability study that was supposed to be finished in April of 2013 almost a year ago and ironically. Of course FEMA hasn't begun that yet so. This -- gonna meet and date that it is completed in two years and give FEMA the money that they need to do you. That they need to get this done and we really Eric really am pleased to see this included because. We feel like FEMA really put the cart before the horse. In terms of understanding the size and scope of the law that they are implementing with -- waters. And a -- putting the affordability study getting mad Don is gonna put us on. A passing knowing what were getting ourselves into -- Home improvement the retro source so under the bigger waters acts if you go to renovate your house. If you hit 30% of the fair market value of the home your subject you lose your protection from rates by -- -- subject to year flood insurance premiums going up. Immediately this initiative that it says say you're renovating your home if you brought you to put in. 30%. Of the home's fair market value you were subject to rate increases. Based on the new maps. This is gonna bring it back to 50% of the hound fair market is so. You have to make a much bigger investment before you get socked with higher premium increases. Additional policies include. Yes so this says a lot of other common sense things like allowing. Homeowners to pay their premiums and monthly installments. It reimburses. Homeowners. Our policy holders for successful -- appeals. It's gonna preserve that -- exception obviously that's not something that's really big here in south Louisiana but it's really important -- our coalition members in North Dakota and Minnesota. Who it. Get credit for having fun -- basement which was something that was reserved so. On -- really pleased that this legislation and feel like it's gonna stop the bleeding and provide a sense of calm to the real estate market. We talk about the -- -- bomb allows end fuel surcharges torn about books 200 that you books. Bats to raise about 2.3 billion dollars over ten years hunt. That doesn't have reason all this came about an -- and is. The congressional holes the very ones who broke his bill. Saying we're 24 billion dollars in -- there's no money in the odd. People are living in areas we can afford it and it was day they were the ones it says we have to do something about this this. 25 books 200 -- books. Creeps 2.3 over ten year engine doesn't do much to 20 lord. The oral or put money into the -- To pay down the -- and that's definitely. You know something that will be considering. Over the long term ways to make sure the program remains on sound financial footing. You know I think. I would argue. In this is just -- attorney's opinion but that congress should consider forgiving that 24 billion dollars or at least the Katrina portion because. I think everybody atop the -- it would agree that that's more failure of the corps of engineers. Ten and natural disaster. But getting the program on sound financial footing this -- can do my. Get it on -- Much better path to sound financial footing than the current law because it's now allow FEMA to raise a -- rates in a way that sustainable for policyholders. And take in general and taken higher rates than what they were before -- -- What what happens to this house. So I feel like we're in really a good position I'm very optimistic that the votes are there in the house to pass. Did bill we're looking at a Wednesday vote and so. Just a few more days I think there's a snowstorm -- DC I'm crossing my fingers that doesn't negatively impact. Member's ability to get into DC but. If everything goes as planned house shall pass it. Wednesday the senate will pass that either later this week early next weekend I'm optimistic that we'll have this bill to the president in the next two weeks. So this does not have to go to the senate wants -- It will need to go to the senate bill just need to be but I believe the house and Senate Leadership had them working together to make sure. It'll be something the senate can pass without meaning to amend -- that would be. And hopefully as simple. And you were talking earlier about the coalition that's been put together. How many states and ball. 34 states 250 organizations and I think. You know it just goes to speak to the national issue that this says and the fact that it's not a -- in our -- -- so. That's the part that I don't quite understand either 34 states in this been going on couple years right. Yes so. We I'm here in the -- and of course for some of the first people to feel the brunt of this because we've been. Receiving our new human flood maps which is what triggered a lot of awareness around this issue. And it's started as at a town hall in saint Charles Paris last march. And I believe that was probably the first one of the first town -- that FEMA did about the bigger water act. But since then we've seen folks across the country really wake up about this snow is talking a congressman's police. A few days ago he said one of his colleagues in Washington State. Not necessarily somewhere you'd think for flooding. That they are experiencing bad human -- issues and it's just hitting Mary snow. And it's really a lot of FEMA to IG these town halls around the country. That is waking folks up to it. I have this. Amateur rouge image of like helps him or were going to congressman's office and Euro. -- -- each -- percent they all all these -- for members and they. Utah Colorado. Flash floods you remember -- affordable for the drop like floats. Everybody plugs. And this would apply to everybody. It would seem like politicians. Didn't have -- leave Washington always like for reelection. Ribeiro in the -- orders to a point where no break. And I think in Washington. Time we've gotten -- had to split we we've got to -- freezes for a second. You know overall I think you know considering we started this effort really is a lighting effort last may and we're poised to. Reverse some of the ruling harmful impact for less than a year I think it shows. And the power. You know middle America speaking for. Affordable -- insurance and for an issue that's really important and so I think. This is really you know been something that has been bipartisan cross party lines and I'm really is a middle class issue she. -- you know we can and went to look in bloom as always appreciated but look we really need more help. People trying to get a block room afterwards that takes all compellent. Walk thank you I goodies all right and thank you -- I'll sit on them and so I think good talking -- double up real big -- celebrity a -- five the --