I think you would concede that the current program does not work when it comes to the wind versus water claims in a slab situation.
This does not make FEMA do it. It gives FEMA the ability to engage whomever they choose to do it.
Hurricane Katrina clearly demonstrated both the devastating power of hurricanes as well as the havoc they can wreak on homeowners.
Senator Wicker has taken a constructive approach to a very complex issue, and we appreciate his hard work.
Senator Wicker recently introduced the COASTAL Act, (S. 1091), which proposes a new approach to adjusting total losses.
Senator Wicker's COASTAL Act asks the National Oceanographic and Atmospheric Administration to form partnerships with private entities.
It needs to be addressed in any reauthorization.
If there is a levee, surely the property owner should get some reduced premium because that levee is there.
We are not asking the Federal Government to come up with a new regime of data collection, are we, in your proposal?
Well, NOAA and a lot of the things that are out there, this information is available.
It may very well be that the Flood Insurance Program and the taxpayers have paid more than their fair share.
Without appropriate reform, modernization, and an extended reauthorization, our Nation and the American taxpayers face serious consequences.
A long-term reauthorization with targeted reforms is necessary for coastal communities to prosper.
Another program lapse is entirely avoidable, and we should not allow that to happen.
We should transfer risk from the Program to the private sector to the maximum extent possible.
The COASTAL Act is by no means a silver bullet for all the problems associated with flood insurance and NFIP.
I have recently introduced the Consumer Option for an Alternative System to Allocate Losses Act, the COASTAL Act.
The COASTAL Act is a commonsense approach to addressing these problems.
