Wednesday, 11 January 2017 12:43

GNO Inc's Hecht talks about flood insurance costs "temporary fix" expiring this year

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GNO FEMA LandrieuImagine paying twenty to twenty-five-thousand dollars for flood insurance for a $250,000 property.  Difficult to sell the property or to buy the new home or commercial building?



That is what many flood victims and other property owners were facing earlier this decade until Michael Hecht of GNO Inc received an email regarding the unexpected consequences of legislation called Biggert-Waters.

Many properties particularly in south Louisiana where Katrina and other storms hit were basically becoming unsustainable and unaffordable because of the exceedingly high cost of flood insurance.

In 2014, Hecht and GNO Inc. led a coalition that included Mary Landrieu and David Vitter and on the House side, by Steve Scalise.  Also, then US Senate candidate, Rep. Bill Cassidy, and lawmakers throughout South Louisiana, played major roles in helping to create and lobby for a temporary solution to the problem.

However, the Congressional and administration solution expires later this year and Louisiana and now, many other regions across the country are once again confronted with the same horrible insurance mess with their respective real estate properties.

During my recent interview with Michael Hecht,  the issue came up, once again.  Hecht said it is necessary to reauthorize and to improve upon the flood insurance fix from 2014.

GNO Inc's Hecht talks about flood insurance costs "temporary fix" expiring this year from BayouBuzz on Vimeo.

During the interview, Hecht explained how the Coalition of Sustainable Flood Insurance came about, some possible solutions to improve upon the risk involved, the impact of the loss of two senior Louisiana US Senators and the changing of the guard at the White House.

Watch this segment of the interview 

Last modified on Wednesday, 11 January 2017 13:51
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