Oct. 10—Bureaucracy doesn't faze
"My frustration always is you get this kind of resistance of 'why do you live there?'" said Magee, the second-ranking leader of the
"We're not like a beach town with luxury condos," Magee said, pointing out that coastal residents living in vulnerable areas work in the seafood and energy industry. "That question ought to be turned back on the people asking it: How much do you want to pay for gas? How much do want to pay for seafood?"
The "why do you live there" question also underlies the new
Since the 1970s,
New policies and those up for renewal will be subject to the new rating methodology from October through March. Then, the new calculations will be applied to policies up for annual renewal after
"It's bad news for south
Cassidy lives in
Of the 2,126 covered single family homes in 70808, 1,014 could expect an increase of no more than
As location is the mantra for real estate, so it is with the flood insurance debate and most of the country isn't on a coastline. Many of those interior residents wonder why they should have to pay for damage of residents "rebuilding in the same areas again and again."
"Our new Risk Rating 2.0, certainly the risk of where people build is reflected in their insurance premium in a way that it hasn't been before and so those that are in greater risk areas will have a higher premium," Criswell answered.
Criswell noted Risk Rating 2.0 already has been implemented.
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