Louisiana Department of Insurance Commissioner, Jim Donelon, talks with Jim about surviving prostate cancer, the Affordable Care Act, and flood insurance, and John S. Treen joins Jim to discuss his special election run in 1989 against former Ku Klux Klansman David Duke, and about Sen. David Vitter running for governor.
Millions of American property owners get flood insurance from the federal government, and a lot of them get a hefty discount. But over the past decade, the government has paid out huge amounts of money after floods, and the flood insurance program is deeply in the red.
Congress tried to fix that in 2012 by passing a law to raise insurance premiums. Now that move has created such uproar among property owners that Congress is trying to make the law it passed disappear.
Louisiana delegation wants changes in FEMA flood maps they say could cause premiums to skyrocket.
Louisiana public officials are launching a bipartisan battle to revamp proposed changes to the National Flood Insurance Program. The administrator evaluating the objections was taken on a helicopter tour of coastal regions possibly facing steep premium hikes.
Louisianians may find solace from impending increases in flood insurance rates as Sen. Mary Landrieu’s bill to prevent those hikes heads to the Senate Appropriations Committee for consideration at its Thursday meeting.
The measures are included in the Homeland Security Appropriations bill for next fiscal year. Called the Strengthen, Modernize and Reform the National Flood Insurance Program, or SMART NFIP, the bill would postpone parts of last year’s Biggert-Waters Act.
There's a quick, one-word explanation for why the federal government started selling flood insurance: Betsy.
Hurricane Betsy, which struck the Gulf Coast in 1965, became known as billion-dollar Betsy. Homes were ruined. Water up to the roofs. People paddling around streets in boats. Massive damage.
This would be the time when you'd expect people to be pulling out their flood insurance policies. But flood insurance was hard to come by. You could get fire insurance, theft insurance, car insurance, life insurance. Not flood.