Do we need to reform the National Flood Insurance Program?

Tommy Tucker, WWL First News
Monday, June 19th

Tommy talks to US Senator John Kennedy about his effort to reform the flood insurance program.

00:13:06

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Obama tell you what after what happened last week something that is done in a bipartisan measure I think will really. Make you feel good and with that in mind we love him in the junior senator from the great state Louisiana and missed John Kennedy played on John. Well. And I so you're channel forty other day when he can see us. Well yeah you did invite you hand me right at me why you hand out any county or any time your Marlon dog you babies. How exactly do you well you next time your new loans come on up we'd love to have in Jordan and reveal any details on. So telling about his son National Flood Insurance Program and I guess first John if you don't mind about the bipartisan nature of it which then makes me feel better. While flood insurance program runs out in September we've got to redo it I'm talking about the National Flood Insurance Program. Became you can buy insurance. From private insurer but for blood but it's not very. So this is a program we got out and your homeowner's situation doesn't cover. That cover flooding. I didn't know what what I know that you could buy flood insurance from a private insurer. You can't. But it's not. It's not really available and they will only take the very bad. Risks. Gate and I use it affordable isn't as the flood program and the not yet it is not. Top at a mean in Europe to bed please. It's a pet. I sit on the banking committee. And the flood insurance bill. Hashed come through the banking committee. And we'd put together a pretty good coalition. But Democrats and Republicans. Marco Rubio from Florida's usually is a Republican. Bill Nelson from Florida he's a Democrat Bob Menendez from New Jersey he's a Democrat. Cory Booker from future he's a Democrat. Senator Thad Cochran of Mississippi. Each not only Republicans that each chairman of the Appropriations Committee. So these one of the most powerful people on comma which. Elizabeth Warren from master chief change. I think she's a Christian I am pop on from there and Elizabeth mourners Democrat she's. She hasn't been that this might be the only deal that was the prior work armory on but. I've she's very nice spark and we just don't agree and that. I just feel so this billable re really up Iraq a program for six years. We wanted to reauthorize it longer but we just don't have the votes. It's not cap the amount that you're flood insurance can increase in any particular year 10%. Right now it's eighteen per chance to org home and twenty -- percent. Pretty good position much. This built a site about 750. Billion dot. And we're doing it imparts. Baton lowering the speed that we pay. Private insurer or urged to administer the program because they have no risk. And it's screen once a trying process and make it easier to PowerPoint. And the improved the Mac which ought to reduced premiums. In the AB CD that thing. And more accurate and more accurate your maps or your premiums for the most part. Will get a lot of push back there are some senators who were percent states that haven't had major woods. They don't understand it made our job to make money. Some of the private insurers we kept private insurers to administer the program they don't have any risks are just as the paperwork right now they're being paid. 31 cents out of every dollar into the tech wore it to be judged. Most of do a good job but starting when chances too much. This reduces it to about 22 cents out of every dollar I think that spare. That's on site about 250 to 400 million dollars a year and that's I don't know what. Site about 350 to 400 million dollars. But insurance company instead of getting 31 cents or getting it. Or is there any concern. The outside of the private insurance companies. Will stop doing this or do they have to by law because you know fields of the reimbursement is enough. That they'll do it they don't have any rips the this as a federal programs. The American taxpayer and that India. Policy published thank all the risk we only how the private insurer. Two to manage the paperwork. Now not put them now most of two really good job by our. What we'd look at it hired people smarter than we or who are experts. You know not import insurance should make Allison 31 cents out of every dock too much when you have no rich. Is pure profit on about our. Knees money in debt. And and won't work and get started and we got a short this year. September of the bill about a cart program which are. This is not a luxury flood insurance is a necessity. Not just from week you know but for all coastal states and a lot of Amylin stack which if they haven't had major blood I'm happy form but. For whatever reason the the natural disasters. Are happening more frequently. And with greater chance. And folks everybody needs what that your child and I know. People like well I've never flooded we found that last year what happens when you've never flooded sometimes he did. Do you get twenty regions running into date you know what I don't care little malware. John I guess we'll deal here is our time is limited and that goes the insurance commissioner Jim O'Donnell and who. I guess in and I don't mean to pass bad words along to you but he said he thought it was more of a promotional media tour. What's alana about. Yep well Tommy you know I'm pretty bow on. You have. Gjelten in the department of insurance is old. Body insurance industry and and you know just what contempt campaign contribution. I mean I've been said that repeatedly at the end. We we need. Dished out just what his campaign contributions should it be take the insurance industry. Term upside down and shake them and the commissioner Paul out of their you know their pockets. If that's true and expect so is that with Matt. And and MB they remember they should companies struggle like this bill. Because it cuts their speech. Came Iran's. Version charting the national on the church program. But it doesn't actually run the program at our property insurer to do. The private insurers take no risks they get 31 since I'd never. So they're going to mount a campaign to track to. Kill the bill. And quite frankly. They're gonna go through in Louisiana commissioner Bob he's very pro insurance company he always has been a. Why do you like we have some actual rights in America that's his right. But birdie on the status as a public steep to war. Our insurance program runs out in September. We have 450000. Flood insurance policies. In Louisiana. If they can't upload and share which many of won't default on normal dish. That we have because their mortgages required. Yet. But it they can't buy that we have a flood. It'll shut down our pond. And for GM to say that given. I mean whatever body ocean exploration program entrenched thank him early insurance companies and about bikers. No no disrespect to Jimmy my party and I understand he stepped right so. To take the shot of the insurance companies what should point. He's probably eaten for his insurance companies need supporting beginning. And I can assure you their plan will not be broken so. In terms of support for this and push back you know I'm trying to think of an area. That hadn't flooded I mean and southwest gets them and northeast certainly gets a midwest gets some we get immune cells to. Who would be against this. There'll be there will be some senators and some states that haven't had nature lights. We know that oppose it and from the packed. You'll have. Some insurance companies private insurance companies. Who once again are taking notorious. But are eating out of the money they will not watch. And many of the camel coat peruse their state insurance commission. The last insurance commissioner we add in Louisiana who was pro consumer. Was number. Ever since then and this being bought. The insurance industry as well the department of venture and they do it in the bank today war. And then go about rude term sheet on to try to repeal the bill. Let me ask you quickly before we let you go a boat a provision in it. About ground moving something. Yes that bad as a it's kind of technical but. That's a provision we put him and that we bank will help consumers in the past. People have ball. Bloody Sharon. Is it paid their money they look in the and the private insurers administering the program. Take position that we value add. Sump and it's it's like a pre existing conditions. And worst thing out no more you can't do it somebody if somebody pays their money. The pops. Based Lola and they get right here. No more excuses. We're gonna streamline the claims process. Well if you if you eat now if you if you didn't. One advantage is supposed to play at it and management let insurance certain topic but. We have this problem after Katrina we had a last year. We had a New Jersey after her and sandy. It's very simple people would pay either their money back do the right thing by the insurance they would blow it. And some of the private insurance companies administering the program taking no risk. Not often but some problem would do everything they could to try to keep people from getting the money. Approaching the church policy and that's not rock I don't see just deal pushes back. Why they would do that you know big thing after Katrina was when did the roof come off the house and was that off first and then did it flooded after that and does is doing with all of that. Well placed almost certainly cut back on and that that was rampant. And in New Jersey and we have a huge problem with that after Katrina and and frankly. You know our department of insurance you do about it not some. The negro. Not dock and then try to you know it would not mean I'm sorry that's just the way it is. I Texans and hope you had a great weekend please ask Senator Kennedy again is he gonna have a town hall meeting talk about all of this flood insurance and healthcare insurance. I will be have a number of what I've been doing comedy that's since I've kind of been glued to look. To DC it is have been doing wrong a lot of town hall meetings back. I already dominant all year round up ideology no logged on to manage report out number men. Except it's flat yet done in Baton Rouge and I've. I'm aboriginal people that. And I just feel bad for an erupting you'd John Nance on I would never do that. Thank you know become on again he didn't trick now is yet to do the senate Bryant and and get it over to the house and see how you do. Yes and I would be you know look at the gym I don't smoke Brandon he's entitled to his opinion but. I'd be glad to come more on the bike. I wouldn't be able to attend an edition by want and need to talk about why he sat with the insurance companies and what he's an idiot. I don't hate the insurance companies are marble. But. But they can't take advantage of our people. John thanks so much out the other great and I know we're talking and about this. Background you know today.
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