Insurance company CEOs are some of the highest paid in the world. Mississippi Insurance Commissioner Mike Chaney, Rep. Steven Palazzo and Sens. Thad Cochran and Roger Wicker have no idea what we are facing. The Republican attitude is that free markets prevail. Just look at our free market.
Now the Republican Congress is considering increasing our flood insurance. Rep. Sean Duffy, a Wisconsin Republican, would raise rates for those “very wealthy homeowners on the coast” by not allowing any grandfathering. Premiums will rise 8 percent per year until they reach full-risk rates. Duffy says households that live outside of floodplains should not help pay for wealthy homeowners on the coast. Like most of his GOP followers, they do not believe that the water is rising, that the Earth is getting warmer, that burning fossil fuels effects everyone.
We need to tell Palazzo, Cochran and Wicker to “reduce our insurance cost!” It’s time to replace those who do not understand our situation. It’s time for our representatives to help us.
Fifty-four percent of all Americans now live in 772 coastal counties adjacent to water. We could require all the 162 million coastal folks to acquire multiple-peril insurance. Former Rep. Gene Taylor has stated that this program would use risk models and loss data to set rates in the same manner that state wind pools and insurance companies use. This is a global problem.