Local politicians grandstanding NFIP rate hikes: The BS is getting deep

So yesterday all the local politicos that voted to drastically raise your flood insurance rates took turns grandstanding on twitter pretending to represent the people that elected them. Senator Mary Landrieu was particularly disgusting IMHO

Fact is insurance companies dumped their wind coverage obligations on the NFIP and our elected leaders opted to stick the bill for such on the little people. Now that reality is sinking in every last one of them would rather forget their original votes. Slabbed has not. Did Mary Landrieu vote to drastically raise your flood insurance rates? You betcha she did. They all did in fact.

File this one under not snookered again.

6 thoughts on “Local politicians grandstanding NFIP rate hikes: The BS is getting deep”

  1. Look, I spent years fighting on this issue, but let’s not pretend that there were not billions of dollars of legitimate flood claims. Many property owners should have received a flood payment for the flood damage and a separate wind claim for the wind loss, not either/or.

    The premiums in Louisiana and Mississippi were too low for the risk because the maps and assumptions were stupid. The people who have huge increases are the ones that were not in the flood zone in the old stupid maps, then after being flooded repeatedly are now getting new maps and rates based on those floods. If you want to contest that you need to do it with better risk assessment and legitimate flood plain management that accounts for where the water will go, not with phony studies and political whining.

    The new maps and rates are far from perfect, but if Louisiana and Mississippi want flood coverage they have to pay more. They already have received much more in claims than they will ever pay in premiums. Louisiana has received more than one-third of NFIP claims payments but pays less than one-tenth of the premiums.

    1. I won’t pretend this place did not flood during Katrina because it did. But thanks to a certain court verdict insurers can no longer pretend they did not engage in claims dumping

      The bottom line is the same politicians that voted for Biggert Waters now want to pretend they bear no responsibility for rates going through the roof.

      What I see happening are those that took grants now have covenants on their deeds requiring flood insurance that will insure many will not be able to afford to keep their houses. The poor will get subsidized housing, the wealthy will self insure while the middle class are being squeezed out of the area.

      And the politicians grandstand, bob and weave attempting to escape responsibility for their votes. I’m not forgetting no siree.

      1. This issue may bring certain coastal and suburban people who never bother to vote to come out in numbers and certain senators who voted for increased premiums and whored themselves out to ObamaCare may disappear from the political scene permanently.

        How can one explain Senator Rand, the libertarian , and McCain of Arizona voting nay?

  2. There are a few other things to consider since Katrina: 1. The new codes that homeowners are obliged
    to build back to make building more expensive, and
    consequently the replacement value of the the goes up.
    I have been tracking the legal ads in the Sea Coast Echo for about a month. On average 60% are foreclosures. Now that the residents of the Kiln are
    seeking incorporation, it may well be our next big
    city in Hancock County. Some well to do beach front
    residents in what I would refer to as upper crust
    neighborhoods in Bay St. Louis have listed their homes
    for sale on the internet. They don’t want a “For Sale”
    sign in front of their property. It’s coming folks,
    just like Santa, it’s coming!! Today’s Echo has 20
    legal ads, 13 are forecloures.

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