WWL>Topics>>4-16-14 10:10am Garland: on FEMA's flood insurance plans

4-16-14 10:10am Garland: on FEMA's flood insurance plans

Apr 16, 2014|

Garland talks about FEMA's new flood insurance program for Louisiana with U.S. Representative Dr. Bill Cassidy and Michael Hecht, president of GNO, Inc.

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Automatically Generated Transcript (may not be 100% accurate)

Blow lord of the day you hope you're out there enjoying it if you're driving proved to -- -- gorgeous day. I guess about five years ago I guess -- -- remembering rendered term elections. Its own -- for a -- political analysts Freeport. Was in the studio would mean for car birds that night. That was exercised about some current political issue in Houston. And yeah you've got all confuse your emphasis in your concern is all in the wrong places from -- you have to understand. As that the federal government in the gridlock it's in in the presidential -- blitzer and it's going to be forcing down cost Waltz. They'll -- of the statement state to the cities. Cities to rural well and looks like that maybe happening. Maryland group's report reduce can reported number of paying teachers who's going to legislature to try to get some changes. And within those changes may be. Some -- talk some extra -- that we're gonna have to do. So we talked to a couple of column -- try to Pigram to aqaba. -- new years though what I call walks from the National Oceanic and Atmospheric Administration. According to bush and bill got a -- and bill and Mexico is rising a little bit faster than they thought it would be. -- film aside from subsided and some dollar and wetlands. Where you worry about the -- coma after the -- -- predicted. Along these same lines it's all -- were Erickson would flood insurance. Did you listen and show in the regular buddies who's. You know we've done a number of shows -- -- drug could -- -- in their infinite wisdom. Can go and where did with mark auditing. And said OK we get rigs we've rage and a lot of abuse. All on the coast. Or gonna see your. -- insurance rates doubled and tripled and -- giving called spur a hundred emails. By the hundreds of people saying. Well that's and being number one I can't sell my house chief of black -- and -- -- -- for the insurance rates because. Whoever buys his could pay the same rates. And there was a lot of concern we talked to do business council talking about small businesses. Being driven there out of south Louisiana and number of our congress people won't work on this particular doctor bill Cassidy. And he came up with the plan that inaugural season be working looks like it's going to be implement. Got custody welcome back this year. Those few people that may not remember his republic got here. Do we give them a regards -- version of what happened and what you do it. 2012. Congress passed bigger waters act. What assurance program at the Buick re authorized. Bigger war Israel authorized to make flood insurance to shut double it should have been affordable. But FEMA and Lebanon and such a way -- to make it assurance. Unaffordable. And therefore particularly accessible. An example saying that you're not doing some perished in credit for the flood pumps -- -- installed. To mitigate their slugger. Simple things. So that's. First -- Cassidy amendment would attach to appropriations bill and that actually amendment. -- delayed premium increases but it only delayed. On the now we know. Validate short term breather but it sure gonna -- or else as you mentioned Garland. It would affect the future value alone if someone did not know what their premiums would be. So that we came back and passed the Graham Cassidy amendment which the president signed into law. Which currently repealed. Those areas are bigger waters which are most problematic. And it allows a person shall -- home should be able to pass on these so called grandfather great. So that the person purchasing all he would know what those streams are going to be. Basically restore an act would be -- you buildup and our -- so that is reader's digest. All right a lunatic would breakers that would mean your congressman. And more compact and talk about okay. This business has been overdue and -- law. And Holland -- in is this going to be implement. Your home or out there is small business person this is real important to use. It's got a question or comment Gibbs called to -- -- -- 170. 2036. Weeks and you know and 087. Exists is double BO. Where you seldom -- 100%. On the show. But I little unscientific poll our governor of BO program drug war opinion poll each are aware of skewed question. Some risk -- unaffected by the increased employment churn rate in 100. Priests and abuse say -- If so it'll be intrusive in the show we're talking to. The casts of these. The grim Cassidy duel when. That was able to push back all the problems you gonna have with the new -- and current rates. It's law called the Euro homeowner important truths of portability act and we -- doctor bill Cassidy with the doctor. Wind is all -- implemented and how. They're -- traditional aspect to it. But let's starlet what are called tree farm policy. Israel properties and it'll be toward flood maps ever developed and they had subsidized rate. Some folks who bought all he's after bigger orders out. But before we knew Richie -- and an -- over 101000 dollar bill through no fault of their own about what they're diligent they had done. -- -- -- So one thing -- does is it actually gives him a refund. Now unfortunately every one of them happening tomorrow they'll refund what happened probably sometime. A hole so it takes much mail just because debate that all our team -- implement rules. On the other hand this is one time when -- -- truly will be in the mail. -- if somebody has not yet. Bought flood insurance and do great maps that will be out. A bomb suit and when they re out there flood insurance they will benefit the rate maps are there won't get docked with the old -- There's others who are in this so called section 207. Where. They -- not yet seen those rate increases they -- -- -- are going to call. That's gonna walk don't you -- premiums will be trapped the most. 15% for a flood plain old what it once was. So -- flood insurance and -- dollars gesture at the most battle being fought battle area 150. Well what is sectioned tooled soon. Outlandish action. Could shed that when you -- your home. The person -- -- home quick yet. Not the grandfather rate should contain. Around the whatever -- -- it was that anal about implement. That's what was crate during the real estate market destroy an equity in people's -- that they had built up over decades. So that's -- illegal -- Most folks had not yet changed their premium increases. They -- slope on the right map and see that they were together. So desperate Hartley repeal in the market restored in the wants what. Give me enough about it being beaten. Bill would be on slow. The first thing you mentioned were people got caught in between 101000 books explain that to me. So they'll almost all -- are. -- -- -- imagine you have home built in 1965. People more flood maps will ever draw. And you appreciate even a subsidized rate and in some cases as you bought your like sharks. Well under the original big waters. You aware that salaam payment -- subsidized rate was eighty album all the year. To whatever -- -- -- should be which might be thousand dollars a year. Now it's one saying if the buyer at all. Director about the while on an emotional by the way in the new life insurance arguably 101000 dollars -- another -- if you are home. And they say let's reflect insurance premium -- thousand dollars period. You at all and then three months European -- -- you know out of it came down. We honor the commitment are going to re on. God -- our -- dollars which you paid. Back -- -- there's -- -- -- gonna pay higher rate so we actually read on that money back. And when does all this begin. So me the refunds will be yet and I'm told 68 months from now it. It just extreme and how long boil water much let the journal -- rules to repeat on dollars. Do you. It. -- We become so you need to do is continuing. On the people who Republican governor -- 36 more hundreds thousands 200000. Who -- -- our culture club that kind of bubble really a small number I don't have a number up and got my hit the picket Batman. On the other hand it was a totally unjust. In Europe by a nineteen to get by him. Yeah how -- you almost likely just struggling family trying to get a bargain maybe in the neighborhood which is seen its better days. And effort to get a bigger older kids. And you're struggling and it must execute -- I mean the last only need the federal government to give a struggling family. A greater region struggle and so actually -- vote should probably aiming middle income. On NB a little bit of relief. We will -- who wrote something groups Newt's past dues you view but it still has been with plotting. We've been debating view. Legality. Via. The very fact that ninety several companies being sued. While one of our loan authority. And and we put all that -- -- advanced the question. All of any number were a technical types appear on the most people who used work with the state. And nobody can point me to the money. That it's gonna take nod to rebuild because you can do much of that not to keep the wave we -- are. Would just to minimize the law. And I am getting body that says here's a money. Here's how elegant -- -- see any chance that we're gonna get the funds we need to keep south Louisiana. In existence. Couple things. There in the old to the governor's plan which -- graves who is as recently retired. -- -- chair put together a very good -- coastal restoration. I but he is not funded for fifty billion minimum or hundred billion metric some. Absolutely. So there's terrible way to go about it. So first it recognize it and -- in the federal government let me Mississippi River levees are should be urban Atlanta ended. I mean the year they completed. Is the here and there are levees should be our -- has begin to -- So first we can say that we're gonna be in. Offshore in Asia and Jeep will be getting an air revolutionary command outer continental shelves. -- Won't be enough. All the objectively. I introduced a bill that would further increase this is actually out but how are represented to. -- -- actually we increased revenue sharing. To dedicate more -- and the and we specifically say. Increased revenue sharing the comeback. Should be used only for coastal restoration -- So who we also have that sum of money but restore -- in and out there and other restore active -- would be fine. Apply it towards coastal restoration. There will continue to be a little involvement. The National Geographic. And nineteen like 48 that was written it's spoke about the need to let me that should be river Louisiana. You'll -- leadership being to harsh. But make -- that will cause. The actual cause. Initial -- Some also wetlands but that the federal government would make data out to the state of Louisiana. Now old hack it's normal calendar year is going to be nice and they came drawn up like came through on that. Commitment -- Period it would be good. -- I've been at this a long time. You give Colorado you've got Wyoming get 50%. Of the revenues -- of federal and Montana very close to that north the -- burned close to that. And -- actively. Walk -- on the royalties were getting much less. On the ones that -- human sooners -- land drew trying to get in addition. With -- all of the things added in that we hold. For royalties. Restore back DP. It's still not enough to matching even the fifty billion dollar figure. You've got gridlock I don't think -- org you about in Washington the congress in the senate Oregon agreed to much do you see any avenue -- somebody. That is thinking to themselves. Do want to bring me -- living here like he my business this year. Will we see an obvious threat and their does not -- Nubian and. Wolf first hole lead at the bill that I have some outs -- -- presume that there is paid for. And so it would increase revenue sharing now. But it's got to be approved by the senate right. Yeah all right -- general -- expressed interest and obviously I'm 1% and again owner Lambert both Witten had been great. It should take that bill which is always asked how. Which I think every Republican with support on the senate side -- and I asked her that you Democrats. In analogy can truly is that chair energy committee that she speaks of -- machine into built it out get it through now a week before the end of Indian Congress. My concern is the ability -- proposed President Obama already set -- administration so that they oppose. And it cost 43 billion dollars and so Republicans will be opposed to a although although I have been -- past. Else Republicans on the senate -- -- to -- mine begin to pay for it doesn't add anything to the deficit the debt. Annika passed -- bit of bipartisanship or steak meat and hopefully we can move beyond politics and essential support ticket well -- Well I think your -- and cross your fingers through the album but I think you'll understand the public is very doubtful. -- the as soon in the congress can agree on and things look. -- -- your dorm room homeowners flood insurance affordability act -- retrieved the talk. Thank you go appreciate in the media and on the program. Your congressman doctor bill Cassidy and it will we'll talk to businessmen who leads the leader of business organization. Explain to us. What kind. I mean really wrecked we've faced with the ridiculous. Action by -- It'll be Michael -- presidency huge you know week in -- -- believe me right in the one leader in the front lines. Of those who got his change. All of we'll talk to him to what -- -- oh -- it's obvious immoral plug three. Are welcome back we continued to look things about some -- every bit every good news. Some the goal homeowners. -- insurance portability. Act. And what it does it takes another act in -- atonement because the other basic. Months in the tens of thousands of major or insurance on reportable long term for your homes and small businesses. And at the same time and made it impossible to sell. Because whoever ball and you could tell what the price of the insurance was convened. And oftentimes it was 1020000. Dollars a year and and Soviet equity in your home virtually. -- -- Well about seems to have been robbers. And Michael. Would say if not the prime but he and his people. -- we. I think responsible for this to. Coach you're should be great -- and called you a couple of days -- be on the show. A while I would start to get worried it was something nicer. Did poachers Padraig and have to go back to them. Acts like he could actually get back to my real job. Are doing good tell us about the whole -- that wasn't -- and supported bill with the actors -- give us a little history for some ball. And until you portrait which. Well you know -- history is that when we first -- out about this back in May. 2013 now why do nothing about it. We took a group fourteen parish presidents -- to DC to go to talk to folks in DC about it what we discovered. -- source agreement that the folks in DC. Actually knew nothing about it -- what was. Kind of a stunning strengthening to learn but then we began an education. A process. And over the next period of months we began to develop a broad coalition around the country which eventually. A -- in Q. About 250 organizations across. 35 states and the began to have people the in DC. That what you're doing -- bigger waters. Didn't make economic or more also at the basic problem but he couldn't take people. Who had built exactly where the government had two holes and maintain their church paid their taxes. And then effectively throw them out of their homes because their church became affordable and missed that work it would not only. And homeowners but it would ruin our economies because you know these are taxpayer should ensure workers. And it's kind of an apocalyptic. Scenario. What was then followed where is really fairly stunning in this kind of became the issue that was taken out. In a bipartisan. Bicameral way. And actually ended up getting to the majority passage in the senate then back -- house approved by the senate and signed off by the president. And -- a position now Garland Wear -- on one hand. It feels like complete victory on on the other hand if you really look at it objectively. We've simply got -- easier simply gotten back to where we war. Before bigger walkers and so. While that's a great victory and -- should settle markets and I think that individuals and kind of business owners should not to worry about the ability to sell their home or leave their home for the next period of time. Now we have to look to the future and trying to determine what form what church to take for the nation. -- we have to -- in 2017. That's we're repeating. But for now. Back to easier if you like -- can walk to the major tenants the bill that helpful for social. To the most important thing is like grant bothering reinstated. And what that means that if you filter home let's say they're opposed to elevation. Even at the maps change in the future your always gonna be rated a plus Q. So you're not going to be subject to be huge rates spikes which was the mean. Does that mean that meat producers that spectacle happening in bigger war student got her grandfather and that's back. The second is that. The grandfather. Stage with the property that means that you can sell the property and the new order is going to inherit the exact same base flood elevation. Either gonna enjoy the same -- But that was removed under bigger waters and so. Effectively couldn't sell your house because the person who bought at the moment they -- terrorists either elevation change usually negative way. That's gone now be insurance and the grandfather in states with the property. -- -- Then the next part about it is that. There is -- language that says that FEMA should strive for premiums to be no more than 1% of the policy and on what that really means that the actual policy. Under under national -- in -- 250000. Dollars so the most expensive premium could be he's 2500. Dollars. And while that might be a lot more than 500 at somebody's pain today. It doesn't seem that it's an amount that would actually cause somebody to be. To be thrown out out of out of their whole and so. That is there now people are saying well why does it absolutely mandate that they have to stay under 1% want -- -- because it's squishy language and strive. And that actually have to do you waited CBO the congressional budget ought to test scores bills. On the could have apps in the language of the bill has significant cost it would never come out of the house that was cut about how the sausage was made but the good news on this. Is that it also says that every time for every property. That FEMA -- above and that 1% after report to congress. And one thing that we've seen over the past ten months is that -- if you gave it's politics -- I don't like having to go in front of congress and being called the table so. We think that's going to be very significant -- stick and that we don't expect huge huge increases. Going forward. In terms of the executives in the things that people consider kind of on the other side of the ledger. There's a small and that now there's a 25 dollar per policy surcharge -- policy to order ticket for business. But again to meet 25 dollars is much better than 25000. -- dollars. The only folks core I guess you -- left out of the -- mortar flood insurance affordability act would be. Second homes. Businesses. And should be repetitive loss properties that were built before 1973. On the that's small subset of property which is going to be a small percentage of legal form number. Are going -- rate increase is potentially of up to 25% a year but not necessarily. On the the only good news there is that we are gonna be re authorizing -- three years to even somebody you know worst case scenario. Who for example was right now at a thousand dollars a year they which he called Q1 1002 -- -- -- next year the 25% for two years but then. At 2017. Were pre authorization. So it's not gonna go on to what will become unaffordable so. Overall. It's not from quality that he is. More than we -- realistically hope for back in May. And I can't give enough credit to the congressional delegation. Key senators Blanchard and bitter to congressman -- -- interest collegiate Richmond didn't -- of a job for us our parish presidents. Came together not just in our region look beyond it presented remarkably united front end. You know we showed that. Here in New Orleans. We don't have to be victims of disaster victims of policy and actually can be leaders of find a solution not just for us. But for the whole country so it was a in and I would first. Art they're rhythmic couple more questions for a home there. Small business owners you have questions about those supporter -- the act. As Michael and doctor Katz -- -- preacher concerns that ease of not. Or you're gonna comment or question it was called 26018. So. All right borrowed think about it and talking to the mayor and the -- instrumental in turning back the load in -- through its. But it really brought a whole -- of -- -- -- businesses and homes. Among record president's -- you'll OG and eclipse Google -- -- Iran would like. Thank you from the bottom or taking my call. I've received the bill's 8350. In my mind -- home which is praise. 205000. Dollars on the backside too -- frost. India. And I was told before we -- and we haven't made claimed and then of course he would say except put water. On the property has every was prehistoric lake. The whole. The hole was constructed well why people who knew it is an agency that flooded. That is that that the peers these that make the ceilings they put you know down here. Let -- protect structure. And. The thing is. The talk -- as it is today I wouldn't be helped out followed. But 'cause it would go over. That's working -- take that it just. So most would call. Them need to call. Would be 30000 dollars which would not. It would go on except that may well and wouldn't get any insurance fluent. But on the loan from the SBA. And Matt do you have -- push from the a lot of tomorrow. I'm trying to describe the inflation and I'm thinking that it might be -- came on my question is yes. -- It's -- -- believe. The two week do we get any benefit -- -- not present need to ask the question bad. Do we get any benefit from this law re hiring people would double Clinton thing. Previous people who own this property -- lawyers they obviously must make claims in the east team of people didn't come out and investigate that they should have been making. -- saw Michael you have but it would respond to that. Well you know that that it's it's kind of a technical question about a previous claims stay with a profit but Matt Taylor appears like. Email me and we'll get somebody on that my my address is. And ultimately get an -- You eat please. We're a little -- could -- hold. And they won't give you Michael number of. Well that's that that's wonderful and so that. I called hi I'm William because I know that no one else as -- My neighbor's property 400. And I know that the -- screwed up. Okay and of portrait hole in my heart that -- would do a good numbered if you would give Mike. Let's go to and Jane -- -- and a bit of. Figured born in Cologne and -- are doing great change next. Thank you take my call elections. Insurance agent. Is working in the metro area here and there about. You know 3040 hours in education just or or insurance or -- here. Knowing the importance of this legislation. Starting with the Oilers in the current I'm not fully. -- Bigger waters was it was a bad thing because we were trying to think the goal being true to make program. Sustainable. Development now. Losses that occur from Katrina Rita king and the civil court. And one thing that I think people just don't know I deport gentlemen just caught you know which obviously important your agent -- welcome but a lot of people are missing -- debt. We haven't sent -- man. There are independent of this legislation. That went one that what are adopted. About 90% of the metro -- fortunate to have that. And so we can adopt these maps we RC outraged that our. On not allowing some arms sales to go through and people to get. Exorbitant bills and at this point just needs to be made because. It it's complicated yes. Are obviously the program has got to be able to afford -- -- Forward run out of -- -- we get to a Michael's response and thank you so much for that question and pointing out that information Michael. The other great things started -- -- I think you accurate and a few a few great points the first is that the intent of bigger waters it was to make the program responsible. Long term sustainable and get rid of more about it. Was actually the writing -- -- just ended up not being implemented. In the right way and there are a couple of factors there one is to -- it was -- a lot of -- a lot of the maps that were being used. Didn't includes you in flood mitigation elements like not federal -- that create a lot of problems to people being rated. The other one maturity issue transition. What did you almost all Morse who built exactly where FEMA told him to. But now some of speech that -- maps on portable church had to somehow transition and that they weren't financially ruined and that was never dressed in the law. Of the two other points you make Taiwanese kind of underscores one that for the folks were inside the fifteen billion dollar. You protection system in New Orleans ships and -- think Bernard. -- that majority these people are going to be good regardless that that that's a very fair point. And the final one is that this legislation just passed. It is not significantly addressed the 24 billion dollar shortfall that still exists in the program and we are gonna have to address that going. Forward and over simple members simple Michael thank you board to -- and our preacher to Toms oh great to talk keep. Come right back -- -- via. Our right to -- a national Oceanic and Patton spirit administration. Officials say well. Would like to go through common problem -- faster than we thought it was going to be. We'll find out how much which parachute should be concerned. And concerned and exactly why and -- -- objects. Of Adobe -- seventy 1053.