Ala. Sen. Shelby: Flood Insurance Program Needs 'Fundamental Changes'
Southeast News • February 3, 2006
The impact of the National Flood Insurance Program on taxpayers and its long-range outlook was questioned by Richard Shelby, R-Tuscaloosa, chairman Senate Banking Committee at a hearing Thursday. ...
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Subject: FLOOD PROBLEMS
Posted On: February 6, 2006, 2:37 pm CST
Posted By: TOM
Comment:
ITS SOMEWHAT SIMPLE, WHEN YOU ALLOW THE SAME PROPERTIES TO FLOOD OVER AND OVER AGAIN AND CHARGE RATES THAT ARE INADEQUATE FOR PRE FIRM STRUCTURES, YOU GO BROKE. I AM IN THE INSURANCE INDUSTRY AND ALSO OWN PROPERTY IN A HIGH HAZARD (V)FLOOD ZONE. MY HOME IS 18' IN THE AIR NEXT TO HOMES RIGHT NEXT DOOR ON THE GROUND, AND MY PREMIUM IS THE SAME OR HIGHER. THE STRUCTURE WAS DAMAGED IN THE '93 STORM OF THE CENTURY IN FLORIDA, YET LIKE MANY OTHER GROUND LEVEL PROPERTIES, WERE NOT REQUIRED TO BE ELEVATED OR TORN DOWN. WHICH PROPERTY DO YOU THINK WILL HAVE FLOOD DAMAGE THE NEXT GO ROUND? THAT'S WHAT POLITICS DOES TO OUR BUSINESS, COMMON SENSE IS BACK SEAT TO WHAT WILL GET YOU VOTES.
Subject: FLOOD PROBLEMS