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Fri June 13, 2014

Business And Political Leaders Gather For Flood Insurance Meeting

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GNO Inc. President and CEO Michael Hecht

Business and political leaders are meeting in New Orleans Friday to discuss ways of providing affordable flood insurance.

FEMA Administrator David Miller will be explaining how it's assembling maps that are used for setting flood insurance premiums.

The meeting was arranged by GNO, Inc. The business development group led a drive to revamp legislation that could have resulted in some premiums rising from less than $1,000 to tens of thousands of dollars.

GNO, Inc. President Michael Hecht says it may be time to review the overall process for getting flood insurance.

“We still do have the future question of, what does flood insurance need to look like for the coming decades for the country so that it protects people and property but doesn’t create a moral hazard — and strikes a right balance between protection and fiscal responsibility," he said. "And that’s a complicated question that we need to engage.”    

Hecht says details are expected Friday from FEMA about when its revised maps will be released.

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